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BCRA Said To Be Mulling Potential Rate Hike

ARGENTINA
  • Reports were released on Wednesday indicating that Argentina’s central bank is considering raising its benchmark rate at today’s meeting.
  • If the BCRA do take this policy action, it would be the first hike since September after inflation data showed prices increased by more than 100% annually last month.
  • The reports are according to people with direct knowledge of the matter who also noted the board has not yet decided on the size of the hike in case they opt for such move, they said.
  • The Argentine government, earlier today, said annual inflation data registered in February, the highest since 1991, was "very bad," but insisted that the 60% inflation rate forecast in this year's budget would be met, the president's spokesperson said.
  • Cerruti explained that the price increase was driven by the worst drought in decades in this major soy-producing country, which led to increases in the meat price of 20 points, and telecommunications, whose rates the government cannot yet regulate.
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