According to statements issued by London-based ‘The Economist’ magazine, the publication will no longer use statistics from INDEC (National Institute of Statistics and Censuses of Argentina), citing discrepancies between reported inflation figures and the reality of inflation with the Argentine peso.
The magazine, suggesting in this week’s issue that “almost no one believes [INDEC]”, hints that the organization has become politicised as a result of the country’s relatively recent history with hyperinflation in the late 1980s.
“We are tired of being part of what appears to be a deliberate attempt to deceive voters and cheat investors,” the publication said.
From this point forward, ‘The Economist’ will be using numbers provided by PriceStats, a data collection company that takes information directly from consumer prices in several countries.
Figures from INDEC, which only covers greater Buenos Aires, currently have inflation at 5 to 11%. ‘The Economist’ says that these projections are inconsistent with those obtained from independent sources and provincial statistics offices in Argentina, which say the actual rate is at least double.
According to Mercopress, surveys by Torcuato di Tella University show inflation expectations in the area of 25 to 30%.
The government in Argentina has yet to respond to ‘The Economist’s decision, but has long insisted on the credibility and accuracy of its statistics.