By Helen Popper
BUENOS AIRES, Oct 14 (Reuters) - Argentine inflation was 0.7 percent in September, the INDEC statistics agency said on Wednesday, a figure that may boost perceptions the government is bringing official price data closer to private estimates.
Economy Minister Amado Boudou, who took office in July, has vowed to restore credibility to consumer price data, which economic analysts say has underreported real inflation for more than two years.
It is the third consecutive month that INDEC has reported inflation that was slightly higher than in the preceding months, and some analysts say that suggests the government is trying to gradually narrow the gap with private estimates.
'(September's figure) is closer to reality. Our estimate was for 0.9 percent, which isn't that different,' said Fausto Spotorno, an economist at consulting firm Orlando Ferreres & Asociados.
September's figure brings 12-month inflation to 6.2 percent, which is still less than half the rate calculated by most private estimates.
'For the whole year, we expect inflation of about 14 percent,' Spotorno added.
August's figure exceeded market expectations, but September's number was in line. A Reuters poll of eight economic analysts gave a median forecast of 0.7 percent for the September figure, with estimates ranging from 0.5 percent to 1.0 percent.
'Today's figure did not surprise the market, but the 0.7 percent expectation might already have contained some expectation INDEC would continue to gradually report inflation figures that come closer to the non-government estimates,' Alberto Ramos, senior economist at Goldman Sachs, wrote in a report.
One of the analysts surveyed by Reuters said a September figure of at least 0.7 percent would be enough to indicate the government was trying to restore credibility to official statistics.
Clothing costs led September's price rises, climbing 1.5 percent, followed by education-related costs, which rose 1.1 percent, INDEC said in a statement. Food and drink prices rose 0.9 percent.
Argentina reported August's inflation at 0.8 percent while consumer prices rose 0.5 percent in September 2008.
A monthly central bank poll estimated September's inflation at 0.6 percent.
(Additional reporting by Karina Grazina, Editing by Chizu Nomiyama)
((helen.popper@thomsonreuters.com; +54 11 4318-0655; Reuters Messaging: helen.popper.reuters.com@reuters.net))
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((For historical Argentine statistical data in Spanish, please see pages through))Keywords: ECONOMY ARGENTINA/INFLATION (Xtra: To see a calendar of Argentine economic indicators please click on or type in ARECI02 on a quote page and press enter. For separate pages detailing Argentine analysts' economic forecasts, click on,, and) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
BUENOS AIRES, Oct 14 (Reuters) - Argentine inflation was 0.7 percent in September, the INDEC statistics agency said on Wednesday, a figure that may boost perceptions the government is bringing official price data closer to private estimates.
Economy Minister Amado Boudou, who took office in July, has vowed to restore credibility to consumer price data, which economic analysts say has underreported real inflation for more than two years.
It is the third consecutive month that INDEC has reported inflation that was slightly higher than in the preceding months, and some analysts say that suggests the government is trying to gradually narrow the gap with private estimates.
'(September's figure) is closer to reality. Our estimate was for 0.9 percent, which isn't that different,' said Fausto Spotorno, an economist at consulting firm Orlando Ferreres & Asociados.
September's figure brings 12-month inflation to 6.2 percent, which is still less than half the rate calculated by most private estimates.
'For the whole year, we expect inflation of about 14 percent,' Spotorno added.
August's figure exceeded market expectations, but September's number was in line. A Reuters poll of eight economic analysts gave a median forecast of 0.7 percent for the September figure, with estimates ranging from 0.5 percent to 1.0 percent.
'Today's figure did not surprise the market, but the 0.7 percent expectation might already have contained some expectation INDEC would continue to gradually report inflation figures that come closer to the non-government estimates,' Alberto Ramos, senior economist at Goldman Sachs, wrote in a report.
One of the analysts surveyed by Reuters said a September figure of at least 0.7 percent would be enough to indicate the government was trying to restore credibility to official statistics.
Clothing costs led September's price rises, climbing 1.5 percent, followed by education-related costs, which rose 1.1 percent, INDEC said in a statement. Food and drink prices rose 0.9 percent.
Argentina reported August's inflation at 0.8 percent while consumer prices rose 0.5 percent in September 2008.
A monthly central bank poll estimated September's inflation at 0.6 percent.
(Additional reporting by Karina Grazina, Editing by Chizu Nomiyama)
((helen.popper@thomsonreuters.com; +54 11 4318-0655; Reuters Messaging: helen.popper.reuters.com@reuters.net))
((For help: Click 'Contact Us' in your desk top, click here or call 1-800-738-8377 for Reuters Products and 1-888-463-3383 for Thomson products; For client training: training.americas@thomsonreuters.com ; +1 646-223-5546))
((For historical Argentine statistical data in Spanish, please see pages through))Keywords: ECONOMY ARGENTINA/INFLATION (Xtra: To see a calendar of Argentine economic indicators please click on or type in ARECI02 on a quote page and press enter. For separate pages detailing Argentine analysts' economic forecasts, click on,, and) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.