News Summary: Gov't food price claim baffles

Last Updated: Thu, Jan 17, 2013 20:15 hrs

: The Argentine government says feeding a person costs six pesos (about $1.20 U.S.) a day. But in Buenos Aires, that will buy just a can of green peas at the grocery store.

LIES AND STATISTICS: The government's official inflation rate is based largely on food costs. The International Monetary Fund has lost patience after urging Argentina for years to improve this measure of consumer prices.

PUNISHMENT: The IMF is now on the 12th step of a 15-point process for flagging Argentina because it doesn't follow the rules. The IMF could censure Argentina or even suspend its membership.

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