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Argentina was alone inflation by 6.2% in September, of which it gained 66.1% during 2022, one of the highest rates in the world and one of the worst in the history of this country, known for its repeated economic crises.
The September figure was slightly lower than the previous two months – 7% in August and 7.4% in July, but still higher than in June (5.3), May (5.1%) and April (6% ), reported to the State Institute of Statistics.
Year-on-year measurement from October 2021 to September 2022 showed 83% inflation.
In September, clothing and footwear (10.6%), alcoholic beverages and tobacco (9.4%) went up the most.
Poverty is on the rise
Accelerated inflation persists despite the increase in the interest rate (75% per year) and an agreement with entrepreneurs to maintain prices for a number of basic products.
This constant growth affects poverty, which reached 36.5% of the population in the first half of 2022.
Analysts are predicting inflation to be above 90% this year.
According to the budget proposal submitted to Congress, for 2023 the government of President Alberto Fernandez calculated a consumer price index of 60%.
In 2021, inflation was 50.9%.
Argentina signed a $44 billion extended loan agreement with the International Monetary Fund, under which it promised to significantly reduce the budget deficit, from 3% of gross domestic product in 2021 to 0.9% in 2024.
(AFP)
Source: RPP
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.