March 11, 2014
Main characteristics of the new national consumer price index
-Prices will be measured nationwide in 40 cities of 5,000 people or more. The country was divided in six regions (Patagonia, North East, North West, Cuyo, Metropolitan Area and Pampeana), all of which have their own food basket.
-The index will be published monthly and will track prices on a basket of 520 goods and services.
-The INDEC statistics bureau assigned a team of 290 people to work on the index. Officials of provincial statistics bureaus will also collaborate with the INDEC.
-The index was built with information obtained in the 2012 national survey of household spending, which explains how and how much Argentines spend nationwide. The old index was based on the 2004 version of the survey.
-The index was designed in consultation with the International Monetary Fund, which had sanctioned Argentina with a “motion of censure” due to the lack of credibility of its data, as well as with numerous countries such as Spain, Mexico and Italy and other international agencies such as the World Bank and the International Labour Organization.