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The South American country's markets are closed on Monday for a local holiday, so will only fully trade on Tuesday. Overseas-listed sovereign bonds and some equities will trade, mainly in Europe and the United States. In his first speech Milei pledged speedy reforms to fix an economy mired in crisis. If Milei can convince the market that the chainsaw (fiscal discipline) is the heart and soul of his presidency then bonds rally," he said. But he still faces a divided Congress where his Liberty Advances bloc only has a small share of seats.

Persons: Javier Milei's, Sergio Massa, Juan Manuel Pazos, Milei, Mauricio Macri, Patricia Bullrich, Martin Castellano, Walter Stoeppelwerth, Gletir, Gustavo Ber, Jorgelina, Walter Bianchi, Jorge Otaola, Christopher Cushing Organizations: Peronist, FX, Institute of International Finance, Liberty, Thomson Locations: BUENOS AIRES, Argentine, American, Europe, United States, Buenos Aires, Rosario

Milei, who is pledging economic shock therapy such as shutting the central bank and dollarization, won a second-round runoff vote on Sunday with some 56% to rival Sergio Massa's 44%. Milei now faces the huge challenge of turning around the economy once he takes office on Dec. 10. "It is an economy that is in intensive care," said Miguel Kiguel, a former undersecretary of finance at the Economy Ministry in the 1990s. A central bank poll of analysts forecast 185% inflation by the end of the year. In a bid to tamp down inflation Argentina's central bank has hiked the benchmark interest rate to 133%, which encourages saving in pesos, but hurts access to credit and economic growth.

Persons: Javier Milei, Sergio Massa's, Milei, Miguel Kiguel, Lucio Garay Mendez, Vaca Muerta, Eugenio Marí, Hernan Nessi, Adam Jourdan, Daniel Wallis, Chris Reese Organizations: Economy Ministry, Reuters Graphics Reuters, Coldplay, Reuters Graphics, CENTRAL, International Monetary Fund, Libertad y Progreso Foundation, Thomson Locations: BUENOS AIRES, dollarization, Argentina, China, Brazil

☆ Argentina retail prices seen slipping under double digits in October
▼ + stars: | 2023-11-10 | by ( Hernan Nessi | ) www.reuters.com time to read: +3 min

REUTERS/Matias Baglietto/File Photo Acquire Licensing RightsBUENOS AIRES, Nov 10 (Reuters) - Argentina's consumer prices likely rose by less than double digits in October, a Reuters poll showed on Friday, slowing down after hitting a three-decade high in September. The poll, which surveyed 19 analysts, showed consumer prices increasing by 9.9% in the month, slowing from the 12.4% rise in August and 12.7% climb in September, though they warned the slowdown would be temporary. "However, consumer prices are still going up quickly, especially considering the official exchange rate and government controls." The tightly controlled official exchange rate was devalued to 350 pesos per greenback in August, though it currently trades for nearly three times that on the informal parallel market. "The effect of August's peso devaluation was diluted, but it seems more inertia is building now than from before the previous exchange rate shock."

Persons: Matias Baglietto, Sergio Massa, Javier Milei, Lucio Garay Mendez, Massa, Garay Mendez, Jeronimo Montalvo, Hernan Nessi, Kylie Madry, Chizu Organizations: Mercado Central, REUTERS, Economy, U.S, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, Empiria

☆ Argentina's economy shrinks for first time in nearly three years
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: 1 min

BUENOS AIRES, Sept 19 (Reuters) - Argentina's economy shrank 4.9% in the second-quarter of 2023 versus the year-ago period, the country's statistics agency said on Tuesday, slightly missing analysts' forecast of a 4.8% contraction and posting the first break in growth for years. Tuesday's result marks the first time the country's growth was in the red since 2020. The agricultural sector registered the highest drop, with a 40.2% decrease compared to the same period the previous year. The country is battling to salvage a $44 billion deal with the International Monetary Fund (IMF) amid a steady depreciation of the peso, negative central bank reserves and a flagging economy due to the impact of drought on the farming sector. Reporting by Hernan Nessi; Writing by Carolina Pulice; Editing by Aida Pelaez-Fernandez and Isabel WoodfordOur Standards: The Thomson Reuters Trust Principles.

Persons: Hernan Nessi, Carolina Pulice, Aida Pelaez, Fernandez, Isabel Woodford Organizations: International Monetary Fund, Thomson Locations: BUENOS AIRES

☆ Argentina government expects economic rebound, inflation slowdown in 2024
▼ + stars: | 2023-09-16 | by ( ) www.reuters.com time to read: +1 min

BUENOS AIRES, Sept 16 (Reuters) - Argentina's economy is expected to grow 2.7% in 2024 after contracting 2.5% this year, according to a budget proposal sent by the economy ministry to Congress late on Friday. The government also expects the country to have an annual inflation rate of 135.7% in 2023 and 69.5% in 2024. The budget proposal also shows the government expects the country's currency to weaken sharply next year to 607 pesos per dollar from the 365.9 pesos per dollar expected for 2023. Monthly inflation hit 12.4% in August, the highest figure since 1991. Reporting by Hernan Nessi; Writing by Carolina Pulice; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Hernan Nessi, Carolina Pulice, Paul Simao Organizations: International Monetary Fund, Thomson Locations: BUENOS AIRES

Each day things costs a little more, it's like always racing against the clock, searching and searching," said Laura Celiz as she shopped for groceries in Tapiales on the outskirts of Buenos Aires. "You buy whatever is cheaper in one place and go to the next place and buy something else." "In this way we try to beat inflation or at least compete with it a little," he added. "While the rest of the Latin American countries have single-digit inflation, Argentina is already in triple-digits." "People are angry and have every right to be because they can't afford to buy a kilo of meat."

Persons: Matias Baglietto, Laura Celiz, Fernando Cabrera, Javier Milei, Sergio Massa, Patricia Bullrich, Damian Di Pace, Massa, Butcher Marcelo Capobianco, Capobianco, Miguel Lo Bianco, Jorge Otaola, Claudia Martini, Walter Bianchi, Hernan Nessi, Lucila Sigal, Nicolás Misculin, Adam Jourdan, Chizu Nomiyama, Sandra Maler Organizations: Mercado Central, REUTERS, International Monetary Fund, Reuters Graphics Reuters, IMF, Business, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, Tapiales, Olivos

Persons: Matias Baglietto, Laura Celiz, Fernando Cabrera, Javier Milei, Sergio Massa, Patricia Bullrich, Damián Di Pace, Butcher Marcelo Capobianco, Capobianco, Miguel Lo Bianco, Jorge Otaola, Claudia Martini, Walter Bianchi, Hernan Nessi, Lucila Sigal, Nicolás Misculin, Adam Jourdan, Chizu Organizations: Mercado Central, REUTERS, International Monetary Fund, Reuters Graphics Reuters, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, Tapiales, Olivos

☆ Argentina August inflation forecast at highest since 1991
▼ + stars: | 2023-09-11 | by ( Hernan Nessi | ) www.reuters.com time to read: +2 min

Argentina was already battling annual inflation near 115%, which is driving a painful cost of living crisis and pushing people into poverty. "August was the worst month, I would say in the last 25 years of Argentina's economy," Sergio Massa, Minister of Economy and presidential candidate for the ruling Peronist bloc, said in a recent television interview. Reuters Graphics Reuters GraphicsThe survey of 28 analysts polled by Reuters forecast monthly inflation for August ranging from 9.3% to a maximum 12.9%. Analysts also predicted inflation would likely remain in double figures for September. Reporting by Hernan Nessi; Writing by Valentine Hilaire; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Javier Milei, Sergio Massa, Eugenio Mari, Hernan Nessi, Valentine Hilaire, Josie Kao Organizations: Index, Peronist, Reuters Graphics Reuters, Reuters, Argentina's National Institute of Statistics, T Economic Advisors, Libertad y Progreso Foundation, Thomson Locations: BUENOS AIRES, Argentina

☆ Argentina's economic activity down 4.4% in June as agriculture plunges
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsBUENOS AIRES, Aug 23 (Reuters) - Argentina's economic activity fell 4.4% in June from a year earlier, the country's official statistics agency said on Wednesday, below the expectations of a Refinitiv poll of a 4.0% drop. The country's economy has been severely hit by poor performance in the agricultural sector, which registered a 40.4% drop year-on-year according to INDEC data . "The impact of the poor performance of the agricultural sector is especially strong," said economist and director of Invenomica Pablo Besmedrisnik consulting firm. "As agriculture improves its figures, the general drop rate will moderate," consulting firm Orlando Ferreres & Asociados said in a report. Reporting by Hernan Nessi; Writing by Carolina Pulice; Editing by Isabel WoodfordOur Standards: The Thomson Reuters Trust Principles.

Persons: Agustin Marcarian, Invenomica Pablo Besmedrisnik, Orlando Ferreres, Asociados, Hernan Nessi, Carolina Pulice, Isabel Woodford Organizations: REUTERS, Orlando, Thomson Locations: Azul, Argentina, BUENOS AIRES

☆ Argentina inflation likely sped back up ahead of primary vote, analysts say
▼ + stars: | 2023-08-11 | by ( Hernan Nessi | ) www.reuters.com time to read: +3 min

A costumer counts money before buying tangerines in a green grocery store, as Argentines struggle amid rising inflation, in Buenos Aires, Argentina May 11, 2023. REUTERS/Agustin MarcarianBUENOS AIRES, Aug 11 (Reuters) - Argentina's monthly inflation rate likely sped back up to 7.1% in July, a Reuters poll of analysts showed, a blow for the ruling Peronist coalition, which is battling to avoid defeat by the conservative opposition in primary elections on Sunday. The projections from 19 local and foreign analysts ranged from a minimum 5.9% rise to a maximum 7.9% jump in the month. Many analysts saw a tough outlook for prices in the months ahead due to economic uncertainty, fiscal imbalances, and volatility ahead of the general election in October. Argentina's INDEC statistics agency is expected to publish inflation data next week after the primaries.

Persons: Agustin Marcarian, That's, Alejandro Giacoia, Eugenio Marí, Hernán Nessi, Gabriel Burin, Adam Jourdan, Jonathan Oatis Organizations: REUTERS, Peronist, Sunday, Index, Reuters Graphics Reuters Graphics, Libertad, Thomson Locations: Buenos Aires, Argentina, Agustin Marcarian BUENOS AIRES, Progreso

☆ IMF expects deal with Argentina in the coming days
▼ + stars: | 2023-07-23 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Miguel Lo Bianco/File PhotoBUENOS AIRES, July 23 (Reuters) - The International Monetary Fund (IMF) should in the coming days finalize the basis for a staff level agreement with Argentina over a review of the country's $44 billion loan with the IMF, the Washington-based fund said on Sunday. "The teams of the Economy Ministry and Central Bank of Argentina and the IMF staff have finished the core aspects of the technical work of the next review," the IMF said on Twitter. "The central objectives and parameters that will be the basis for a "staff level agreement" have been agreed, which is expected to be finalized in the next few days before moving towards the review of the Argentina program," it added. Argentina faces maturities with the IMF worth some $3.4 billion between July 31 and Aug. 1, at a time when the central bank's net reserves are about $6.5 billion in the red. An Economy Ministry source told Reuters the disbursement program for the second half of 2023 has already closed and that the staff level accord could be sealed on Wednesday or Thursday.

Persons: Miguel Lo Bianco, Hernan Nessi, Nick Zieminski Organizations: IMF, REUTERS, Monetary Fund, Economy Ministry, Central Bank of, Twitter, Ministry, Reuters, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, Washington, Central Bank of Argentina

☆ Argentina economic activity slumps 4.2% in April as drought hit farming
▼ + stars: | 2023-06-30 | by ( Hernan Nessi | ) www.reuters.com time to read: +1 min

3 for corn and an important wheat supplier, but the most recent harvest was pummeled by one of the country's worst droughts in history. Government data showed that agriculture and fishing had the worst results for the month, with the former the main driver of the overall activity decline. The 'EMAE' activity index is a useful early indicator of likely economic growth. "These two sectors contributed four percentage points to the year-on-year drop in the EMAE," INDEC said. Argentina is battling inflation of over 100% and a weak peso currency, with around four-in-10 people living in poverty.

Persons: INDEC, Hernan Nessi, Carolina Pulice, Aida Pelaez, Fernandez Organizations: International Monetary Fund, Reuters, Thomson Locations: BUENOS AIRES, Argentina

[1/4] A costumer counts money before buying tangerines in a green grocery store, as Argentines struggle amid rising inflation, in Buenos Aires, Argentina May 11, 2023. REUTERS/Agustin MarcarianBUENOS AIRES, May 12 (Reuters) - Argentina's annual inflation rate soared to 109% in April, the country's statistics agency said on Friday, smashing past analyst forecasts and stoking anger among hard-hit consumers who are increasingly having to skimp and save to get by. 2 economy, posted 8.4% monthly inflation in April, well above analyst forecasts of 7.5% and the highest in decades. The highest analyst estimate in a Reuters poll for April's monthly inflation rate had been 8.3%. Reuters Graphics Reuters GraphicsReporting by Miguel Lo Bianco; Writing by Nicolás Misculin; Editing by Adam JourdanOur Standards: The Thomson Reuters Trust Principles.

☆ Argentina monthly inflation seen hitting 8-month high 7.1% in March
▼ + stars: | 2023-04-12 | by ( Hernan Nessi | ) www.reuters.com time to read: +2 min

The median forecast came from 15 analysts polled by Reuters, with estimates ranging from 6.4% to a maximum 7.4% monthly rise. Reuters Graphics Reuters GraphicsAnalysts said the high inflation rate, expected to be just shy of a peak last July, was likely to persist as the government sought to spur grains sales by offering preferential exchange rates to soy exporters and other producers. Food rose slightly below overall inflation, Marini said. In February, Argentina registered monthly inflation of 6.6% and 12-month inflation of 102.5%, the highest in almost 32 years. "The first days of April show that this month's inflation is unlikely to fall below 6%," he said.

☆ Argentina inflation shoots past 100% for first time since 1991
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: 1 min

BUENOS AIRES, March 14 (Reuters) - Argentina's annual inflation rate shot past 100% in February, the country's statistics agency said on Tuesday, the first time it has reached triple digits since 1991 when the country was coming out of hyperinflation. The monthly rise on the Consumer Price Index (CPI) clocked in at 6.6% in the second month of the year, above analyst forecasts ahead of the release. Annual inflation registered at 102.5%, with year-to-date inflation at 13.1%. Reporting by Hernan Nessi and Walter Bianchi; Writing by Carolina PuliceOur Standards: The Thomson Reuters Trust Principles.

BUENOS AIRES, Jan 12 (Reuters) - Argentina's annual inflation hit its highest rate in more than 30 years last month as prices almost doubled versus a year ago, official data released on Thursday showed, further eroding consumers' dwindling purchasing power. The annual rate marks the fastest clip of rising prices in more than three decades, or since 1991, according to INDEC. Argentina is battling one of the highest inflation rates in the world as soaring prices hamper growth and force shopkeepers to constantly update price tags. In a recent interview, Economy Minister Sergio Massa projected December inflation would not exceed 5%, adding that monthly increases should edge down to around 3% by April. "It's a psychological factor that wears you out because... wages do not increase like inflation increases," said Aurelio Narvaja, a 41-year-old teacher.

☆ Argentina inflation tops minister's forecast, annual rate at 95%
▼ + stars: | 2023-01-12 | by ( Hernan Nessi | ) www.reuters.com time to read: +2 min

BUENOS AIRES, Jan 12 (Reuters) - Argentina's monthly inflation rate stood at 5.1% in December, official data released on Thursday showed, while annual inflation in the South American country reached nearly 95% over the previous 12-month period. December's rate of rising consumer prices came in above the economy minister's expectation but slightly below analyst forecasts. In a recent interview, Economy Minister Sergio Massa projected monthly inflation would not exceed 5% in December and said the government aims for it to edge down to around 3% in April. Economists expect monthly inflation to hover around 5% at the start of 2023, driven by an economic slowdown and price cap agreements on retail products. Reporting by Hernan Nessi; Editing by Jonathan Oatis, Brendan O'Boyle and Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

☆ Argentina government aims to undershoot inflation forecasts in December
▼ + stars: | 2023-01-12 | by ( Hernan Nessi | ) www.reuters.com time to read: +1 min

The South American country is battling rampant inflation which is set to end the year at around 95.5%, one of the highest levels in the world. In a recent interview, Economy Minister Sergio Massa said monthly inflation would not exceed 5% in December and noted the objective was for it to stand at around 3% in April. However, estimates from 19 local and foreign analysts showed a slightly higher rise in the consumer price index for the late month of 2022, with projections ranging from 4.9% to 6.3%. Economists expect monthly inflation to remain around 5% for the start of 2023, driven by an economic slowdown and price cap agreements on retail products. "But risks remain elevated, and the shortage of (U.S.) dollars may translate into a further escalation of parallel (market) dollars, leading to higher inflation," said Isaias Marini, an economist at consultancy Econviews.

Citing the cool-off, Argentina's central bank held its benchmark interest rate steady at 75% later on Thuesday, extending a pause on hikes after one of the world's most aggressive tightening cycles. The official INDEC statistics agency said rolling 12-month inflation in November hit 92.4%, with prices up 85.3% during the first 11 months of the year. The monthly rate, though, was the lowest since February and well below analyst forecasts of 5.9%. "It is difficult to manage a budget from one month to the next," Natalia Jones told Reuters on the streets of Buenos Aires shopping for vegetables. Eduardo Ortega, manager of a grocery shop in Buenos Aires, said it meant people were cutting back on the amount of food they could buy.

The official INDEC statistics agency said on Thursday that rolling 12-month inflation through November hit 92.4%, with prices up 85.3% during the first 11 months of the year. The monthly rate was the lowest since February and well below analyst forecasts of 5.9%. Despite the monthly slowdown, Argentines are still battling one of the highest inflation rates in the world, which eats away at wages and saps earning power. "It is difficult to manage a budget from one month to the next," Natalia Jones told Reuters on the streets of Buenos Aires shopping for vegetables. Eduardo Ortega, manager of a grocery shop in Buenos Aires, said it meant people were cutting back on the amount of food they could buy.

☆ Hebe de Bonafini, the mother who defied Argentina's dictatorship, dies at 93
▼ + stars: | 2022-11-20 | by ( Hernan Nessi | ) www.reuters.com time to read: +2 min

BUENOS AIRES, Nov 20 (Reuters) - Hebe de Bonafini, the iconic co-founder of Argentina's Mothers of Plaza de Mayo and a staunch fighter against the human rights violations committed during the country's military dictatorship in the 1970s and 1980s, died on Sunday at the age of 93. Bonafini became one of Argentina's most famous human rights activists when she and 13 other women began searching for their children who were kidnapped by security forces during the dictatorship. Argentina's Vice President Cristina Fernandez de Kirchner lamented Bonafini's passing on Twitter and the government called for three days of national mourning. "Dearest Hebe, Mother of Plaza de Mayo, you are a world symbol of the fight for Human Rights, and a pride of Argentina," Fernandez de Kirchner wrote. "As founder of the Mothers of Plaza de Mayo, she shed light in the middle of the dark night of the military dictatorship."

☆ Argentina inflation seen gaining pace again in October
▼ + stars: | 2022-11-11 | by ( Hernan Nessi | Nidhi Verma | ) www.reuters.com time to read: +2 min

Stubbornly high inflation has seen protesters take to the streets as prices have outstripped wages. The government, under pressure to reduce a deep fiscal deficit, announced a four-month freeze on consumer goods prices earlier on Friday. Jeronimo Montalvo, economist at Empiria Consultores, said monthly inflation is "holding steady around 6%" and scheduled increases in public service rates would also pressure prices in October. Econviews' Marini said that while consumer prices typically cool in November, he projects annual inflation of 101.5% by the end of the year. The INDEC statistics agency is scheduled to publish official inflation data for October next Tuesday.

☆ Brazil cenbank chief says fiscal prudence central to inflation aims
▼ + stars: | 2022-11-11 | by ( Hernan Nessi | Nidhi Verma | ) www.reuters.com time to read: +2 min

BRASILIA, Nov 11 (Reuters) - Brazil's central bank chief Roberto Campos Neto emphatically defended the need for fiscal balance on Friday, following statements by leftist President-elect Luiz Inacio Lula da Silva that soured the markets by downplaying the issue's importance. In Britain, for example, former Prime Minister Liz Truss resigned after markets shunned her plans for major unfunded tax cuts. "I don't know if there was a Liz Truss moment for Brazil (yesterday), but it was a clear demonstration of the markets' sensitivity to the fiscal issue," said Campos Neto. He said the central bank's autonomy would pass "an important test" but believed in the continuity of that status under Lula's future administration. Campos Neto also stressed that the bank's policymakers are open to participating in the transition government.

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