Fishy figures

“THE final lie” was what some Argentines called the December 2013 inflation figures published by their country’s statistics agency (INDEC). After the IMF threatened to censure the country for tampering with inflation data, in January INDEC rolled out a new consumer price index (CPINu). At last, the numbers would be more accurate.

Or so people thought. The CPINu’s August inflation figure of 1.3% is less than half the 2.65% of the CPI Congreso, a compilation of private estimates gathered by opposition members of Congress. Since the CPINu began, its figures have been on average 0.94% below those reported by Congress. This is less than the gap that existed between the old price index and the CPICongreso, which differed by an average of 1.45% a month in 2013. But it is significant.

“INDEC has returned to tinkering with its numbers,” says Miguel Kiguel of EconViews, a consultancy. Graciela Bevacqua, who directed INDEC until the government started manipulating the numbers in 2007, is harsher. “It has become clear that it was never the government’s intention to improve the credibility, clarity or transparency of its...Continue reading



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