December 15, 2016 / 7:42 PM / a year ago

UPDATE 1-Argentina says consumer prices rose 1.6 pct in November

(Adds details from report, market expectations, background)

BUENOS AIRES, Dec 15 (Reuters) - Argentina’s consumer prices rose 1.6 percent in November, the official Indec statistics agency said on Thursday, a slower rate than last month but still above the central bank’s target.

In October, consumer prices rose 2.4 percent, driven by the elimination of subsidies for home-heating natural gas. The central bank is targeting average monthly inflation of 1.5 percent for the final three months of 2016.

The figure was slightly below median expectations for 1.7 percent in a Reuters poll. It was driven by an increase of 1.9 percent in food and drink prices, while public transportation prices also rose after a 40 percent increase in Buenos Aires subway fares in November.

Argentina does not publish countrywide inflation data, but consumer prices for the greater Buenos Aires area are used as a proxy. President Mauricio Macri, who took officer a year ago, revamped Indec because of allegations of data manipulation by the previous administration.

Indec resumed publishing inflation data in June. (Reporting by Luc Cohen; Editing by Chris Reese and Grant McCool)

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