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Argentina claims inflation is 11.2%, less than half of what everyone else estimates

Argentina’s national statistics bureau, Indec, announced late Thursday (August 15) that the country’s monthly inflation clocked in at 0.9% for the month of July, led by a spike in the cost of leisure and entertainment during vacation season. That brings the official annualized rate—the number anticipated for the full year—to 11.2%.

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Unsurprisingly, it also comes in way below the numbers being reported by private economists. Opposition members of Argentina’s lower house of congress, who have been releasing inflation estimates based on data supplied by private consultants for over a year, announced that monthly inflation for July was 2.55%, more than twice the official estimate, and that the country’s annualized inflation is 24.9%. The discrepancy between official and unofficial rates are only continuing to grow each month—official inflation for June was 0.8% as compared to the 1.93% unofficial estimate; in May it was 0.7% as compared to 1.52%.

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