Secretary of Domestic Trade could knock out market with inflation rate
Secretary of Domestic Trade Guillermo Moreno
The only thing positive is that, in a certain way, the bad news has already been anticipated. Today, the Argentine Statistics and Census Institute (INDEC, for its acronym in Spanish) will announce August retail inflation rate, which would range around 0.6 per cent. It will be a coup de grace for investors, whether they hold bonds indexed by CER or not. Uneasiness is contagious. The actual rate would treble the figure provided by this institution. Furthermore, the intention of diminishing the interference by Secretary of Domestic Trade Guillermo Moreno in official statistics was pushed into the background. Nothing changes. Thus, nothing will change in the existing perception financial markets have about Argentina.
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Today at 4 in the afternoon, the new inflation rate will be announced. In theory, August inflation will be around 0.6 per cent. As it has been happening since last January -when INDEC's virtual intervention began-, consumer price index variation percentage has absolutely no credibility.
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