Argentina: Inflation hits 94.8% in 2022, unheard of since 1991

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Argentina: Inflation hits 94.8% in 2022, unheard of since 1991

A record for 32 years in the country. Argentina recorded inflation of 94.8% in 2022, one of the highest price increases in the world, even if the index for the month of December, at 5.1%, confirms a relative deceleration for some time. month.

The December index, published Thursday, January 12 by the National Institute of Statistics (Indec), confirms a downward trend over time since a peak of 7.4% in July. This index rose to 6.3% in October and 4.9% in November. Argentina’s inflation was 50.9% in 2021, and the government expects to bring it under control to 60% in 2023.

The previous record dated back to 1991, with several successive interannual inflation rates above 100%. Argentina, the third largest economy in Latin America, remains mired in chronic double-digit inflation for twelve years, with multiple causes. The factors are both internal (recurring budget deficits, large-scale inflation expectations) and external (impact of the war in Ukraine).

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