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Financial News: ARGENTINA: Cutting Inflation Was Harder Than Expected, Say

ARGENTINA: Cutting Inflation Was Harder Than Expected, Says Finance Minister

12/04/2017 - 21:38:00 (RTTNews)

(RTTNews) - Argentinean Finance Minister Nicolás Dujovne said that it was tougher than expected to reduce inflation this year. Argentina's inflation rate should close the year at 23%, way above the 12% to 17% target range set - and abandoned - by the country's central bank for 2017.

"That's a reality. It's been very difficult to us [to bring inflation down], more than we had estimated when the targets were set," said the official in an interview with the Clarín newspaper.

Dujovne pointed out some of the reasons why the inflation target was not met: "We did many things at the same time. Normalize the prices of public services, and floating exchange rate. Now the important thing is to keep it this way and persist."

The minister acknowledged that the Argentinean economy faces risks while reaching fiscal balance and one-digit inflation. He also stressed that the government's priority is "moving ahead with the reforms, meeting the fiscal target and bringing inflation down."

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