Argentina's Peso, Nothing But Trouble [Forbes]
UBS Group AG Registered Ordinary Shares (UBS)
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Source: Forbes
Argentina's Peso, Nothing But Trouble Getty This week, Argentina released its February inflation statistics. Inflation spiked, again. Indeed, the official annual inflation rate jumped to 51.3%/yr. While this spike caught most observers off balance, it didn’t surprise me. Each day, I accurately measure Argentina’s inflation using high-frequency data and Purchasing Power Parity theory. By my measure, Argentina’s annual inflation rate is 100%/yr (see the accompanying chart). That’s nearly double the official rate reported for the end of February. Prof. Steve H. Hanke In response to Argentina’s inflation surge, the Banco Central de la República Argentina (BCRA) did what all central banks with no credibility and junk currencies do. It jacked up interest rates in an attempt to keep the peso from plunging and generating more inflation. The lesson from this is clear: Argentina’s 22 As early as October 1991, while writing in the Wall Street Journal Many people asserted that the crux of the Arg
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