Argentina recorded 94.8% inflation in 2022, highest figure in 32 years

Argentina’s inflation during 2022 was 94.8 percent year-on-year, the highest figure in 32 years, the National Institute of Statistics and Censuses (INDEC) reported Thursday.

The country closed December last year with 5.1 percent inflation, reversing the downward trend shown in November.

The sharp price increase, measured in year-on-year terms, mainly affected the clothing item with a 120.8 percent rise, followed by hotels and restaurants with 108.8 percent, and goods and services with 97.8 percent.

On the other hand, food increased by 95 percent, health by 90.9 percent, education by 86.3 percent, and transportation by 86.2 percent, according to INDEC.

Similarly, services associated with housing and fuel reported a rise of 80.4 percent and communication of 67.8 percent, the official entity added.

According to the head of Strategy of the financial consulting firm Inviu, Diego Martínez Burzaco, the high inflation in Argentina is explained by a macroeconomic instability that persists and could extend throughout 2023 if corrective measures are not accelerated.

“The whole scenario of the unstable macro economy during the past year was consolidated in higher inflation close to three digits,” Burzaco pointed out in dialogue with Xinhua.

Among the main factors, in addition to the global context of rising prices, he mentioned a monetary reason caused by turbulences in the financial market, which have led to solid interventions by the country’s central bank.

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