According to a monthly survey published on Friday (9) by the Central Bank of Argentina, economists have raised their estimate for annual inflation in the country this year to 95 percent.
The South American nation has struggled to overcome a prolonged economic crisis characterized by sharply rising prices.
The latest forecast for consumer price growth is thus 4.8 percentage points higher than the previous month’s estimate.
Latin America’s third-largest economy has long suffered from high inflation, exacerbated by the war between Ukraine and Russia.
Next year, the survey said that the annual inflation rate in the country neighboring Brazil, Bolivia, Chile, Paraguay, and Uruguay is expected to reach 84 percent, falling to 63 percent by 2024.
Survey participants also expected the average official exchange rate in Argentina to reach 170.11 pesos per U.S. dollar in December, despite Argentine traders increasingly turning to the black market.