Argentina’s annual inflation rate climbed to 211.4 percent in December, the highest in 32 years. This follows from data published on Thursday by the government statistical agency INDEC. The new far-right and ultra-liberal president Javier Milei is trying to tame hyperinflation with tough austerity measures.
“Success is huge”
Argentina’s monthly inflation rate came in at 25.5 percent last month, slightly below estimates. The data, according to the AP agency, reflect the significant impact of a series of shock measures, including a 50 percent devaluation of the national currency.
Speaking to a radio station in Buenos Aires before the data was released, Milei said if the monthly inflation rate was lower than the government’s forecast of 30 percent, it would be a success. “If the number approaches 25 percent, it means that the success is huge,” the president said.
Long-term problem
However, in terms of consumer price growth, Argentina overtook Venezuela, which is ruled by authoritarian President Nicolás Maduro. It was at the top among Latin American countries in the rate of inflation for years, but last year, according to estimates, inflation there slowed down to 193 percent.
High inflation has accompanied Argentina for many years, but now the rate of price growth is the highest since the early 1990s, when the country was emerging from a period of hyperinflation. At the same time, food prices are rising particularly quickly.
source: ÄŒTK
