Institute of Statistics: inflation in Argentina for 11 months exceeded 148%
Argentina’s inflation in November was 12.8%, exceeding 148% in 11 months, the national statistics institute said.
“Consumer prices rose 12.8% in November 2023 against October, gaining 148.2% (YTD), in annual terms the increase (in November) reached 160.9%,” the report said.
The November figures do not reflect the tough new measures taken by the government to combat the crisis. They will be reflected in inflation for December 2023 and subsequent months.
Earlier, the country’s Economy Minister Luis Caputo said that the authorities will halve the exchange rate of the national currency – to 800 pesos. In addition, subsidies for transport and energy will be reduced. The state will stop financing infrastructure works and reduce the state apparatus. The authorities consider these measures inevitable: they are necessary to avoid a catastrophe, hyperinflation, said presidential spokesman Manuel Adorni.
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