Argentina's central bank kept its monetary policy rate at 28.75 percent and confirmed its recent guidance that its current policy bias is adequate to minimize the impact of higher regulated prices and ensure that inflation continues it downward trend.
The Central Bank of Argentina (BCRA) has raised its rate three times this year by a total of 400 basis points and expects core inflation to converge to its target of 10.0 percent, plus/minus 2 percentage points by 2018.
Argentina's national consumer price index rose by 1.4 percent in November from October for an annual rate of 22.5 percent, down from 22.7 percent in October and 23.8 percent in September.
Core inflation rose 1.3 percent in November from October for an annual rate of 21.2 percent, down from 21.7 percent in October and 22.3 percent in September.
The most recent survey of market expectations shows a rise in forecast 2017 headline inflation to 23.5 percent from 23.0 percent given a higher than expected increase in regulated prices in December while inflation expectations for the next 12 months rose to 17.5 percent from 17.3 percent, and 2018 expectations rose to 16.6 percent from 16.0 percent, the BCRA said.
www.CentralBankNews.info
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