Argentina sees prices almost doubling last year
Argentina saw prices almost double last year as the country's annual inflation rate hit its highest level in more than 30 years.
Official figures show consumer prices jumped by 94.8% in the 12 months to the end of December.
It marks the South American country's fastest annual pace of inflation since October 1991 - when the country was emerging from a bout of hyperinflation.
Last year Argentina's Central Bank raised its main rate of interest from 38%, to 75%, as it tries to rein in the soaring cost of living.
On a monthly basis, Argentina's monthly inflation rate stood at 5.1% in December.
The monthly figure marks a small victory for the government of President Alberto Fernández as the country's official inflation rate remains below the peak of 7.4% in July.
At: https://www.bbc.com/news/business-64258488
"Fair Price" placards festoon a supermarket in La Plata, Argentina, the day of the program's introduction by Economy Minister Sergio Massa on December 1.
The program - a price truce agreed on with leading retailers on 1,900 popular items - helped keep inflation for all of 2022 at just under 100%.
The 94.8% rate was, however, the highest in 31 years - and polls show that re-election chances for President Alberto Fernández, despite a vigorous recovery from the inherited "Macrisis" as well as the pandemic, are suffering as a result.
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needed to keep Argentina's economy even in the world of the living at all!
Fernández took a job knowing it would drain him of every drop of blood, nearly, and every breath, without mercy after Macri totaled it before he even finished his four year Presidency, the first in Argentina's history. It's similar to jumping on a grenade in a shooting war!
Hoping like crazy there are still Argentinian voters who will recall what they've lived through with both presidents before they vote next time. Fernández is a hero, not a deadbeat, in every sense!
Thanks, for the information, peppertree. I'm certain there are a lot of people who do have clear awareness of the successful effort Fernández has made to resuscitate a doomed economy.
What a shame no one treated Macri to a tar and feathering and a ride out of town on a rail, instead of allowing him to lurk around in the country he reamed.
GDP, industrial production, business investment, construction, federal revenues, jobs - all several % points above where Fernández found them in late 2019.
And all that, under the weight of a foreign debt crisis - which swallows up most of the country's trade surplus in interest charges alone.
No one (just about) predicted the growth they've had. When the pandemic hit three years ago (already!), everyone and their brother was sure Argentina "would collapse."
And it might yet, if Macri or some surrogate (like that wine-o Bullrich, or that whiner Larreta) get elected this October.
A kind of self-fulfillment prophecy, really. Right-wing voters in Argentina are sure (and many wish) "everything will go to hell" - and they might just elect a team that, with shock devaluation and currency deregulation etc., could bring that about.
It's all very possible, sadly.
Thanks again, and have a great Week.
finally stepped back for a turn or two. Their poison still drags the country down.
Bullrich can hang on indefinitely as long as someone keeps her wine supply stocked.
