Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Argentina inflation undershoots forecasts with 3.3% rise in May

06/16/2021 | 03:42pm EDT

BUENOS AIRES, June 16 (Reuters) - Argentina consumer prices rose 3.3% in May versus a month earlier, the country's statistics agency said on Wednesday, undershooting analyst forecasts and giving a small reprieve to the government as it tries to rein in rampant inflation.

The South American country, which has struggled underneath high inflation levels for years, saw rolling 12-month inflation clocked at 48.8% in the month. Prices were up 21.5% in the first five months of the year.

Argentina is in talks to renegotiate its debts with the International Monetary Fund (IMF) and the Paris Club of lenders while battling to emerge from a long recession exacerbated by the COVID-19 pandemic.

Analysts polled by Reuters had predicted an average 3.6% rise for the month after a 4.1% increase in April, with price increases driven by food and beverage costs.

"Inflation in May experienced a significant deceleration," the Economy Ministry said in a statement after the result, adding it was lowest since the end of last year.

Economists and officials have grown concerned about runaway inflation expected to near 50% this year, with President Alberto Fernandez explaining Argentina was a "punk nation" where uncertainty led to a spiral of rising prices.

Analysts say prices could cool in the second half, though inflation remains elevated and will end 2021 well above initial government targets of just 29%.

"It represents a decrease compared to previous months, although inflation remains high," said Joaquín Waldman, an economist at the consulting firm Ecolatina, adding "we expect it to break below 3% per month in the second semester."

(Reporting by Jorge Iorio and Hernan Nessi; Writing by Adam Jourdan; Editing by David Gregorio)


© Reuters 2021
Latest news "Economy & Forex"
04:58pU.S. CDC Reports Total Deaths Of 610,873 Due To Coronavirus As Of July 31
RE
04:58pU.s. cdc reports total novel coronavirus cases of 34,926,462 as of july 31 vs 34,818,278 in previous report on july 30
RE
04:57pU.s. cdc reports total deaths of 610,873 due to coronavirus as of july 31 vs 609,853 in previous report on july 30
RE
04:55pU.s. cdc says 164,446,964 individuals have been fully vaccinated against covid-19 as of july 31 vs 164,184,080 individuals as of july 30
RE
04:54pPrivate equity firm CD&R readies Morrisons counter-bid - report
RE
04:54pU.s. cdc says 190,982,149 individuals have received at least one dose of covid-19 vaccine as of july 31 vs 190,509,183 individuals as of july 30
RE
04:53pU.s. cdc says administered 345,640,466 doses of covid-19 vaccine as of july 31 vs 344,071,595 doses administered as of july 30
RE
04:52pU.s. cdc says delivered 400,675,525 doses of covid-19 vaccine as of july 31 vs 399,090,105 doses delivered as of july 30
RE
04:42pBSTDB BLACK SEA TRADE AND DEVELOPMENT BANK : Invests EUR 35 million in Upgrading of Bulgarian Energy Holding
PU
04:29pU.S. COVID-19 residential eviction ban set to expire at midnight
RE
Latest news "Economy & Forex"