Inflation Hits 30-Year High In Argentina

2024-02-18 08:50:09

(MENAFN- Famagusta Gazette) Argentina registered a year-on-year inflation rate of 254.2 percent in January, the highest in 32 years, according to data released Wednesday by the National Institute of Statistics and Censuses (INDEC).

The consumer price index registered a monthly increase of 20.6 percent in January, while it registered a monthly increase of 25.5 percent in December last year, marking the highest monthly rate in three decades, the data shows.

The consumer categories hardest hit by rising inflation were miscellaneous goods and services, followed by food and non-alcoholic beverages, home appliances and maintenance, and health, said the INDEC.

Other consumer categories also hit by rising inflation include recreation and culture, hospitality, transportation, communication, and clothing and footwear.

The private-sector analysts consulted by the Central Bank of the Argentine Republic (BCRA) estimated that inflation would begin to decline significantly at a rate of 18 percent a month from February, with 2024 seeing inflation of 227 percent year on year.

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