Inflation for the month of October registered 0.57%, slightly lower than in the previous month. But that’s not low enough.
With 7.65% accumulated inflation for the year, Central Bank President Francisco de Paula Gutiérrez has said that the goal of annual inflation below 8% will likely not be met.
In a speech before the Chamber of Banks, Gutiérrez blamed high food and fuel prices – mostly on imports – for the missed goal, according to the daily La Nación.
“These factors are exogenous to monetary policy, where the Central Bank can’t do anything,” Guitiérrez said.
Inter-annual inflation (that is, inflation accumulated during the past 12-month period) has reached 9.84%.