They estimate that inflation will average 32% per year over the first three years of

The GBA IPC Ecolatina has accumulated an increase of 16% in the first half of 2018 to which is added an estimate of inflation of 13% in the second half . As a result, it would accumulate by 30% in December 2018, above the target center (27%) agreed with the IMF and just below the maximum level (32%).

Thus, Inflation will reach on average 32% per annum during the first three years of Cambio, exceeding by more than 5 pp . the annual average for the period 2008-2015.

According to the economic consultant baderted by official notice, inflationary pressures will remain latent in the second half of the year. " All the transfer to the prices of the recent exchange depreciation has not been registered yet," they said.

Similarly, Ecolatina warns that "sooner or later", there will be a rearrangement of relative prices : the reopening of paritarias and the claims of energy companies to recompose the increase in costs caused by the dollar jump, report that "inflationary tensions will persist even if the exchange truce lasts".

It should be recalled that the inflation target agreed with the IMF for 2019 is 17% . Similarly, in order not to face the Management Board of the Fund, the price increase should be below the maximum level (21%).

"The ambitious goal of reducing the national primary deficit in 2019 will favor further tariff adjustments," advises the consultant. Similarly, the electoral need to rebuild the decline in real wages suffered this year will increase labor costs. Therefore, it is likely that inflation will exceed next year the maximum level agreed with the IMF (21%).