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Saturday, May 13, 2023 04:21 PM
The inflation rate in Argentina reached 108.8% on an annual basis last April, its highest level in more than three decades, according to what was announced by the National Statistical Institute (INDIC), and on a monthly basis, inflation in April reached 8.4% in the third largest economy in America. Latin, Argentina has one of the highest inflation rates in the world.
In 2022, inflation reached 94.8 percent, the highest annual figure in the country since 1991, when it exceeded 171 percent..
The government has set an inflation target for 2023 at 60%, but a recent report by the central bank predicted it to reach 126.4%. In addition to its battle with inflation, Argentina is also dealing with a strong devaluation of its currency just months before the general elections..
The peso settled at 238.5 per dollar at the official rate on Friday, but it reached 474 on the parallel black market, and the economic problems in the country were exacerbated by the impact of severe drought on the agricultural and livestock sectors, which are the largest source of foreign exchange..
The International Monetary Fund expected Argentina to grow by 0.2 percent in 2023.