“Argentina’s courts, in a welcome moment of sanity, have overruled attempts by Argentina’s government to prevent anyone who isn’t the government from publishing a figure for inflation that isn’t what the government says it is.”
That’s how a post from Quartz put the Monday ruling to overturn heavy fines that the government of President Cristina Kirchner had slapped on economists who published their own inflation data, which the government criticized as “inaccurate.”
Never mind that official inflation data was widely viewed as badly understating the real level of inflation. Even the International Monetary Fund has censured Argentina for dubious inflation and growth statistics, and set a Sept. 29 deadline to fix the “inaccuracy” of its data, or face sanctions.
Until then, Argentines will no doubt continue to operate assuming that annual real inflation by all private accounts is running around 25%, more than double the official rate.
The government’s statistics agency reported Wednesday that annual inflation last month amounted to 10.5%.