Argentina's Return to Honest Accounting Is More Than Just Numbers
Source: Americas Quarterly
By: Brendan O'Boyle
In June, INDEC released its first inflation figures during Macri’s presidency, putting inflation of its consumer price index in May at 4.2 percent. That monthly rate has come down since, though annual inflation is expected to end the year above 35 percent, considerably higher than the administration's early expectations and the highest in the region outside Venezuela.
Still, taken together with government efforts to restore Argentina's place in global capital markets, early signs suggest that investors are encouraged by INDEC's restart. An inaugural business and investment forum in September drew a crowd of nearly 2,000 potential investors in Buenos Aires, while companies including Toyota and ExxonMobil have pledged some $30 billion in new investments in the country.
But INDEC isn’t out of the woods yet. The Economist, for example, still hasn't returned to publishing the official indicator, primarily because the institute hasn’t been producing reliable numbers long enough for the data to be useful. For Mackie, consistency should be a key goal for INDEC going forward.
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