In September, Argentina’s yearly inflation rate surged to 138.3%, a 13.9-point increase from August’s 124.4
Indec, the country’s stats office, released this data today.
The monthly inflation rate reached 12.7%, the highest in 21 years. The previous month had a slightly lower rate of 12.4%.
Clothing and leisure led the price increases with 15.7% and 15.1% hikes, respectively. On the other hand, utilities and education had the smallest hikes, at 8.5% and 8.1%.
Argentina’s Central Bank lifted the annual interest rate to 118% in August to fight this.
Background Argentina Sees 21-Year Inflation Peak at 138.3%
In context, Argentina has struggled with high inflation for years. It impacts the cost of basic goods, hurting the average citizen.
This latest spike is a 21-year high, signaling deepening economic woes. Previously, the government tried various methods to curb inflation.
However, those measures haven’t had a lasting impact. Raising the interest rate to 118% is the latest step.
Yet, it’s uncertain if this will cool down the skyrocketing prices. Long-term solutions are still needed to stabilize the economy.
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This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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