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TEST, PLEASE IGNORE

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Unnamed Officials See Aug. Inflation Above 10% M/m

ARGENTINA
  • According to unnamed government officials, BCRA expect monthly inflation in August to have accelerated to 10.6%, which is almost double the pace of July. This is the fastest monthly rate in three decades and comes following the substantial Peso devaluation. Still, this projection is below forecasts by private economists.
  • The local consultancy firms EcoLatina, EcoGo and Consultora Ledesma estimate the monthly inflation to be between 10.8% and 13%. “We’re seeing a very elevated pass-through because this devaluation occurred in the context of high uncertainty, little government credibility and very few reserves,” research chief at EcoLatina said.
  • Separately, the Argentine Peso tumbled to a record low of 800/USD in the parallel market on Tuesday. The spread between this parallel peso and the official rate, which is 350/USD, widened to 128.5%, the highest since July last year.
    • This follows Economy Minister Massa’s measures to boost government wages and funnel money toward retirees and poorer families, against the IMF appeal for lower spending.
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