Inflation in Argentina hits record high, exceeding 210 percent

In Argentina, the third-largest economy in Latin America, the rise in inflation continues unabated. Annual price increases in the country have surpassed 210 percent, reaching their highest level since the early 1990s.

211 PERCENT INCREASE

According to a statement by the National Institute of Statistics and Census of Argentina, consumer prices rose by 25.5 percent in December compared to the previous month. Market expectations were for an increase of 28.0 percent. Consequently, the annual inflation rate rose from 160.9 percent to 211.4 percent. Market expectations had been for an increase of 215 percent.

SURPASSES VENEZUELA

Following the inauguration of new President Javier Milei on December 10, shock economic decisions were announced in Argentina. While announcing a new package of measures, President Milei stated that the plan would be painful in the short term but was necessary to reduce the fiscal deficit and lower triple-digit inflation.

Thus, inflation in Argentina has surpassed its regional rival in this regard, Venezuela. It is estimated that inflation in Venezuela has fallen to around 193 percent annually due to the decline in prices experienced in recent months.

News Source: 12punto