Inflation for the month of October registered 0.57%, slightly lower than in the previous month. But that's not low enough.

With 7.65% accumulated inflation for the year, Central Bank President Francisco de Paula Gutiérrez has said that the bank will probably not meet its goal of annual inflation below 8%.

In a speech before the Chamber of Banks, Gutiérrez blamed high food and fuel prices – mostly on imports – for the missed goal, according to the daily La Nación.

“These factors are exogenous to monetary policy, where the Central Bank can't do anything,” Guitérrez said.

Inter-annual inflation (that is, inflation accumulated during the last 12-month period) has reached 9.84%.