November 1, 2016 / 9:17 PM / a year ago

UPDATE 1-Argentina tax revenue up 24.4 pct in October on high inflation

(Adds details on revenue increase, background)

Nov 1 (Reuters) - Argentina’s tax revenues rose 24.4 percent in October from a year earlier to 167.196 billion pesos ($11.1 billion), driven consumption, the AFIP tax agency said on Tuesday.

The figure was lower than the 168.317 billion pesos the agency collected in September, which had marked a 30 percent year-on-year rise.

Inflation is rampant in Latin America’s third-largest economy. Economists forecast year-end inflation of nearly 40 percent, though the government has estimated a drop to 17 percent next year.

AFIP Administrator Alberto Abad told reporters that grain export volumes were lower, pressuring revenue in the major agricultural producer. President Mauricio Macri eliminated export taxes on corn and wheat shortly after taking office in December, and has announced plans to gradually reduce soy export taxes. ($1 = 15.0600 Argentine pesos) (Reporting by Luc Cohen; Editing by Dan Grebler and Richard Chang)

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