BUENOS AIRES, Dec 10 (Reuters) – Higher beef prices pushed up the pace of monthly inflation in Argentina in November but the yearly rate \u200blikely dropped to a new seven-year low, a Reuters poll of economists \u200cshowed.<\/p>\n
The monthly pickup in consumer price rises from October was seen as only marginal thanks to \u200cthe impact of an austerity drive President Javier Milei seeks to bolster with other structural reforms.<\/p>\n
The consumer price index inched up to 2.4% in November from 2.3% in October, according to the median estimate of 22 economists polled over December 3-9. The \u2060INDEC stats agency will release \u200cthe data on Thursday.<\/p>\n
Annual inflation was seen slowing to 30.9% in November from 31.3% in October, which would be the 19th \u200ddrop in a row from a record 289.4% in April 2024.<\/p>\n
“Beef prices had already been accelerating since October and in November they increased even more,” C&T Asesores Economicos analysts wrote \u200bin a report.<\/p>\n
Bovine meat consumption remains omnipresent despite some decline in recent years, \u200cwith popular “bife” steaks, “milanesa” schnitzels and “asado” barbecue grills a common sight at homes and restaurants.<\/p>\n
Last month’s rise in the headline CPI was moderated by special online discounts on consumer goods prices, C&T added.<\/p>\n
The forecast 30.9% annual rate in November would be the lowest since 29.5% in June 2018, resulting from a tight fiscal policy.<\/p>\n
An easing \u2060of Argentina’s cost-of-living crisis was the main \u200breason why a majority voted for Milei’s ruling \u200bparty in a legislative election in October amid political acrimony and extreme market volatility.<\/p>\n
Milei’s priority for the coming weeks is an overhaul of \u200dArgentina’s labor regulations \u2060to reduce headcount costs by making it easier for companies to hire and dismiss workers.<\/p>\n
The proposed changes are part of a list of requirements from \u2060the International Monetary Fund that aim to make Argentina’s economy more productive so it can repay \u200cits large debt to the lender.<\/p>\n
(Reporting and polling by Hernan Nessi \u200cand Gabriel Burin; Editing by Kirsten Donovan)<\/p>\n","protected":false},"excerpt":{"rendered":"BUENOS AIRES, Dec 10 (Reuters) – Higher beef prices pushed up the pace of monthly inflation in Argentina…\n","protected":false},"author":2,"featured_media":340330,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[12910,64,63,7844,99,164,5465,68260,44435],"class_list":{"0":"post-340329","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-argentina","9":"tag-au","10":"tag-australia","11":"tag-beef-prices","12":"tag-business","13":"tag-economy","14":"tag-inflation","15":"tag-javier-milei","16":"tag-reuters-poll"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/340329","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=340329"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/340329\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/340330"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=340329"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=340329"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=340329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}