I'm gonna guess that the annual comes from using the last 12 months data, not just the last month annualized.
Posted on 12/15/2024 7:06:21 PM PST by SeekAndFind
BUENOS AIRES, Dec 11 (Reuters) - Argentina's monthly inflation rate slowed to 2.4% in November, the lowest in over four years, the official INDEC statistics agency said on Wednesday, as locals began to warily hope the worst of a biting economic crisis might be over. The South American nation, facing a tough austerity drive by libertarian President Javier Milei, saw the monthly figure come in well below forecasts of 2.8% and lower than 2.7% a month earlier. Annualized 12-month inflation slowed to 166% from 193%.
"My sense is that we've already passed the worst. It seems to me the economy hit bottom two months ago," said textile merchant Aram Boyaciyan, adding middle and working-class clients with steady jobs appeared to be "recovering purchasing power".
"Six months ago, we didn't know where we were heading, but now we do, and everyone has to adapt to these rules," he said.
Education led the monthly price increases, alongside rent and utilities, tobacco and alcohol. Food and non-alcoholic drinks, however, saw the slowest price rises, INDEC said.
Economy Minister Luis Caputo heralded the monthly inflation print, the lowest since July 2020, adding it put Argentina closer to being able to slow its 'crawling peg' monthly controlled devaluation of the peso to 1% from the current 2%.
Argentina, emerging from a period of major economic crisis and still grappling with rock-bottom foreign currency reserves, capital controls, and 50% poverty, has seen inflation come down as Milei has squeezed state spending to overturn a deep deficit.
Annual inflation, while still sky-high, is down from a peak near 300% in April and is expected to end 2024 closer to 100%.
(Excerpt) Read more at reuters.com ...
I hope Javi gets as many terms as he wants.
RE: Annualized 12-month inflation slowed to 166% from 193%.
166 PERCENT!
And here we are in America acting as if the world is ending with a 9% inflation rate!
I guess if I were a heavyweight boxer, being hit by Floyd Patterson is better than being hit by George Foreman... either way, it hurts.
Thank you Conservative Argentina prez. Milei...
Milei tries to do his best. A good man.
I also respect him for being ANTI-BRICS. He refused Xi and Putins offer to join the BRICS. “I don’t trade with communists”, he said.
I think Rooters may have misplaced a decimal - how does 2.7% a month equal 166% a year?
“Annualized 12-month inflation slowed to 166% from 193%.”
A tough nut to crack.
I'm gonna guess that the annual comes from using the last 12 months data, not just the last month annualized.
Still dishonest, wouldn’t you say?
I’d have to do the math.
2.7%/mo. -—> 37%/yr.
Math is Hard......
2.4%/mo. ——>33%/yr but former number looks to be falling further.
I believe they are totaling the previous 12 months, the first few of which were much higher
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