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Argentina says March tax income jumps 31 pct year on year

(Adds economic context, paragraphs 3-4)

BUENOS AIRES, April 1 (Reuters) - Argentina's tax revenue jumped 30.6 percent in March from a year earlier to 78.71 billion pesos ($9.8 billion), the government said on Tuesday, below the median forecast of 81.2 billion pesos estimated in a Reuters poll of analysts.

The increase in tax revenue is largely explained by double-digit consumer price increases.

Loose fiscal policy in the South American country is fueling one of the world's highest inflation rates, clocked at 3.4 percent in February under Argentina's new consumer price index.

For January the government reported 3.7 percent inflation in the first reading under a new measuring system meant to improve long-discredited official data in Argentina, Latin America's No. 3 economy.

($1=8.0025 Argentina pesos as of March 31 ) (Reporting by Alejandro Lifschitz; Editing by James Dalgleish and Tom Brown)