UPDATE 1-Argentina reports inflation, analysts skeptical

* July inflation figure far below private forecasts

* Economy minister seeking to restore credibility to data

* Analysts watching for signs of change in price data (Adds Boudou quotes, details)

BUENOS AIRES, Aug 12 - Argentina's government reported July inflation of 0.6 percent on Wednesday, a figure that was unlikely to satisfy demands for official price data to match surveys by consumer groups and private analysts.

Economic analysts, opposition politicians and renegade state statistic workers accuse the government of meddling with consumer price data for more than two years in an effort to gain political capital and save money on debt repayments.

At least a third of Argentina's $146 billion sovereign debt is in inflation-indexed paper.

July's figure, which matched the 0.6 percent median forecast in a Reuters poll of six analysts, was being closely watched for any sign the government is seeking to restore credibility to its consumer price data.

Clothing prices rose 1.0 percent during the month, while food and drinks costs increased 0.5 percent, the INDEC national statistics agency said in a statement. Transport and communications costs climbed 1.0 percent.

Economy Minister Amado Boudou, who took office last month, has pledged to end the controversy over data prepared by the INDEC.

"This isn't window-dressing, it's a thorough job ... and we're going to improve INDEC's reputation," Boudou told Radio Mitre.

Such comments helped Argentine debt rally in recent weeks, but financial markets are now looking for evidence of change.

"For us, (July inflation) was 1.1 percent," said Fausto Spotorno, chief economist at the Orlando Ferreres y Asociados consulting firm. "I really doubt there's going to be a closing of the gap with real inflation."