Macroeconomic Forecast Argentina

According to data collected by Argentina's national statistics agency, INDEC, consumer price inflation slightly ticked up in August 2011, to 9.8% y-o-y from 9.7% y-o-y the previous month. However, as private estimates continue to put the figure between two and three times higher than the official figure, we expect the pre-electoral expansionary monetary and fiscal policy to keep the true level of inflation elevated throughout the year, in line with our forecast for price growth to reach 18% y-o-y by end-2011.

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