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Inflation for this entire year would rise to 227%, according to city experts

Inflation for this entire year would rise to 227%, according to city experts
February 6, 2024 – 20:50

According to the REM of the Argentine central bank (BCRA), Argentina’s inflation estimate for 2024 rose to 227% from the previously estimated 213%, according to a survey released by the entity on Tuesday, in the midst of a serious financial crisis.

Inflation for this entire year would rise to 227%, according to city experts

Mariano Fuchila

According to the REM of the Central Bank (BCRA) Argentina’s inflation estimate for 2024 rose 227% from the 213% previously estimated, according to a survey released by the entity on Tuesday, in the midst of a serious financial crisis.

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The experts consulted by the central bank expect inflation of 21.9% monthly in January -whose official figure will be announced in the coming days-, and asserted that it would begin to decline moderately in February, at 18% monthly.

Only in June of this year did the CPI projection drop from double digits to 8.2% and then fall to 8% in July of this yearaccording to private consultants

The Market Expectations Survey (REM) was carried out between January 29 and 31 among 37 participants that included consulting firms, financial entities and local and international research centers.

REM: retraction of activity, and dollar

Furthermore, in the January survey, REM analysts projected for this year a 3% drop in the level of the Gross Domestic Product (GDP)which worsened the outlook by 0.4 pp compared to the previous survey.

For next year, the group of REM participants estimated an average growth of 2.8%.

For February, those participating in the REM predicted a BADLAR rate from private banks of 109% nominal annually, equivalent to a monthly effective rate of 9.0%.

REM analysts also predicted the nominal exchange rate at $839.7 per dollar for the February 2024 average (-$30.4 per dollar compared to the previous REM).

Source: Ambito

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