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January CPI Data Due Today

ARGENTINA
  • Later today, the official statistical agency will publish the National CPI for January 2023. According to the Bloomberg survey, consumer prices will have increased 5.9% M/m. Accordingly, the year-over-year reading is expected to jump to 98.6% from 94.8% in December.
  • Economic conditions continue to warrant additional rate hikes in Argentina, however analysts remain sceptical on whether Argentina’s Central Bank next monetary policy meeting will deliver any new information.
  • Since early 2022, the BCRA usually adjusted policy in the first meeting after the release of the monthly CPI print. It has skipped this on occasion, so an announcement isn’t a certainty. The monetary authority has held the policy rate at 75% since September.
  • Data is scheduled for 1900GMT/1400ET/1600 Local:
    • Jan. National CPI YoY, est. 98.60%, prior 94.80%; MoM est. 5.90%, prior 5.10%
    • Jan. Greater Buenos Aires CPI YoY, prior 95.20%; MoM prior 5.30%
  • On Monday, Economy Minister Sergio Massa announced an agreement with supermarkets and meatpackers to lower average meat prices by 35%, keep prices unchanged until March 31 and then allow increases of up to 3.2% June 30. Also, the treasury said it will sell notes and bonds at a local debt auction on Wednesday. (BBG)
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