The national government officially increased the price of products of the “Maximum Prices” program, rises reached up to 4.5%, and go into effect as of this Wednesday.
The INDEC will release today the June inflation data that would return to below 2%. The Consumer Price Index (CPI) expects to show a slight increase from the 1.5% seen in both April and May. Analysts expect inflation to be between 40% and 45% by 2020.
According to the report “Utilization of the installed capacity” disseminated by the INDEC, the industry worked at 46.4% in May. The data shows a slight increase concerning the historical floor registered in April, of 42%; but it also records a sharp contraction compared to the same month last year of 62%.
JP Morgan announced that it donated a total of $50 million to support the foundations’ recovery and inclusion efforts in Argentina: Foundations, SES, Still Time, Pro-Women and the Let’s Be One program. The donation is part of the JP Morgan Chase Foundation’s global action and commitment to match every dollar of contributions that its employees can make voluntarily to the Global FoodBanking Network.
On Tuesday, the rating agency S&P downgraded two Argentine foreign currency bonds to “D” from “CC”. On Saturday, the country did not make the payment of interest for $228 million, corresponding to the two bonds maturing in January 2028 and January 2048 in foreign currency and under international legislation.
The July report by Latinfocus Consensus Forecast, which includes forecasts from banks and private consultants, shows a worsening in most of the variables considered. They expect a drop of 11% in the GDP for 2020. The annual inflation would be 42.2% and that the official quotation of the dollar is located at 88 pesos, although some projections take it to a maximum of 102 pesos.