October 10th, 2024
1. September inflation was 3.5%
The National Institute of Statistics and Census (INDEC) released the Consumer Price Index (CPI) for the month of September, which registered an increase of 3.5%. Thus, inflation accumulates 101.6% so far in 2024, while the inter-annual rate is 209%. The division with the highest increase in the month was Housing, water, electricity, gas and other fuels (7.3%) due to increases in Housing rent and related expenses, Electricity, gas and other fuels and Water supply. This was followed by Clothing and footwear (6.0%), for seasonal reasons of seasonal changes.
INDEC: Índice de precios al consumidor (IPC)
2. Cristina Kirchner launched her candidacy for the presidency of the PJ National Party
Cristina Kirchner once again expressed herself in an electoral tone, making clear that she wants to be one of the leaders of Peronism for the near future. In a new five-page letter, the former president confirmed her candidacy to preside over the National PJ, made a brief review of the last presidencies to explain the present state of the Justicialist party, and thanked those advocating on her behalf. Throughout her presentation on the social network X, Cristina Kirchner explained why she believes that Peronism must create a new space for discussion to get out of the state of confusion in which they find themselves after successive electoral defeats.
3. AFIP announced changes in imports and exports
Through resolutions 5581 and 5582/24 of the AFIP, the agency’s Director Florencia Misrahi announced a new trade deregulation: the elimination of “green stamps” on imported products, criteria and export reference values. With Resolution 5581, it will no longer be mandatory to add “green” stamps on imported products. From now on, the stamping will be replaced by the “Digital Product Identification System” (SiDIP) for “the identification by electronic/digital means of goods – new or used – imported for consumption.” The identification by means of the IMEI Code (International Mobile Equipment Identity) will be mandatory for goods. On the other hand, through the elimination of the criterion values, the obligation that was still in force for some sectors to go through the “regulatory red channel,” which required greater controls, but generated costs for importers, is eliminated.
La Nación: Eliminan estampillas y valores de referencia de importación que generaban sobrecostos en Aduana
4. The Chamber of Deputies upheld Javier Milei’s veto of the University Funding Law
Despite the nationwide protests by students, teachers, non-teaching staff, and civil and labor associations, President Javier Milei vetoed the University Funding Law passed by Congress. His decision was debated last Wednesday in the Chamber of Deputies, and with 144 legislators present, 84 of them in favor of the veto, Milei managed to secure his decision. As a result of the ratification by Congress, university unions announced a strike and the suspension of classes today.
5. Country Risk and the dollar exchange rate decrease
The Country Risk, an indicator measured by JP Morgan and closely followed by investment funds, has reached its lowest level since April. This Tuesday, the index dropped 16 points to 1,188 basis points by 5:30 PM (in the morning it hit 1,169 points), nearing this year’s minimum of 1,143 basis points, set on April 22. The indicator reached the 1,100-point range in September 2020, when the Global and Bonar bonds began trading after restructuring. Additionally, Argentine dollar-denominated government bonds rose around 1% this Tuesday, reaching their highest prices since the 2020 debt swap. Moreover, thanks to a phenomenon called the “currency summer,” the blue dollar fell below the $1,200 mark. Such a low nominal value had not been seen since the end of May, even though inflation over the past four months has hovered around 4% monthly. This drop can be explained by various factors, including capital repatriation and the Central Bank’s (BCRA) interventions in the financial market. This calm is also reflected in the country’s risk and sovereign debt bonds.
La Nación: El blue cayó y perforó la barrera de los $1200, el valor más bajo en más de cuatro meses