Argentina closed the year with annual inflation of 94.8%, the highest in 32 years

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Inflation continues to be one of the main problems for Argentines, as shown by the data from the end of 2022 According to the National Institute of Statistics and Censuses, interannual inflation in 2022 was 94.8%, the highest level registered in the last 32 years.

The consumer price index registered a rise of 5.1% in December, a more moderate figure than the peak of 7.5% in July, but above the 4.9% increase that would have been registered in November

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” The objective guide that Minister Sergio Massa set for himself when he took office was that inflation last year would not reach three digits, as some consultants and the media were predicting. Also that a reduction of one digit every 75 days be considered. We understand that this objective is being met,” declared the presidential spokesperson, Gabriela Cerruti, this Thursday, after it was known the amount.

The items with the most marked increases were clothing and footwear, with 120.8%, and restaurants and hotels with 108.8%. Among the most moderate, but equally high, are communication with 67.8% and housing and public services with 80.4%.

The last time Argentina recorded comparable inflation was in 1991, when in several months there were year-on-year increases of more than 100%, after two years of hyperinflation of more than 1,000% in 1989 and 1990.

Inflation in Argentina was It has maintained over two figures for ten years and it is already a complex phenomenon to control. In an attempt to do so, President Alberto Fernández had launched the Fair Prices strategy in December, an agreement with companies related to the basic basket, particularly food and hygiene, to be able to freeze the prices of some 2,000 basic necessities until March and that in another 30,000 products the maximum increase is 4%.

According to the latest expectations survey conducted by the Central Bank of the Argentine Republic, expectations for 2023 and 2024 are increasing. Forecasts for both years indicate 2023 with inflation of 99.7% (3.7 percentage points higher than forecast in October) and 75% for 2024 (5.4 percentage points above the previous estimate). .
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