Through October, Argentina’s 12-month inflation reached 88%, surpassing that of Turkey, as rising prices continue to undermine wages and savings. The country’s monthly inflation stood at 6.3% in October. The data were released this Tuesday (15) by the government statistics agency Indec.
Prices in the country rose 76.6% in the first 10 months of the year.
The monthly inflation rate, which came in line with analysts’ estimates, was slightly above the 6.2% registered in the previous month. Analysts project that annual inflation will exceed 100% this year, one of the highest rates in the world.
Argentina’s 12-month price rise in October put it ahead of Turkey, where the rate stands at 85.5%, according to monitoring by Refinitiv Eikon. Turkey’s annual inflation rate was slightly above Argentina’s last month.
Rising prices in Argentina have sparked street protests in recent weeks and prompted the government to announce a price freeze on consumer goods last week.
Despite this, the Central Bank of Argentina seems prepared to pause for the second consecutive month one of the most aggressive tightening cycles in the world, as inflation should start to slowly decelerate in the coming months.
Source: CNN Brasil
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