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Inflation in Argentina reached 211.4%


January, 12 2024
watermark Economic news

In 2023, Argentina faced a serious increase in inflation, which turned out to be the most significant in the last 30 years. According to the National Institute of Statistics and Surveys Indec, inflation reached 25.5% in December, and 211.4% for the whole year.


Indec noted on social media that consumer prices in December 2023 increased by 25.5% compared to November and by 211.4% year-on-year. These figures are the result of tough new measures introduced by the country's government to combat the crisis. Analysts had assumed that inflation could exceed 30%, but the President of Argentina considers reaching 25% a great success.


The largest price increases in December were recorded in the categories of «various goods and services» (32.7%), healthcare (32.6%), transport (31.7%), household appliances and household goods (30.7%), as well as food and soft drinks (29.7%). The cost of communications rose by 15%, utilities — by 13.8%, and education — by 6.2%.


Such a sharp increase in prices in Argentina was last observed in 1991 after a period of hyperinflation in 1989-1990. The current situation is aggravated by the devaluation of the national currency carried out by the national government, which led to its depreciation by more than half.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.