Inflation in Argentina reaches 6% in April and 23.1% in the first four months of the year

RIO DE JANEIRO, BRAZIL – The cost of living in Argentina rose 6% in April and accumulated an increase of 23.1% so far this year, one of the highest rates in the world, which the government attributed in part to the war in Ukraine.

Twelve-month inflation reached 58%, according to the official statistics institute Indec, one of the country’s highest in three decades.

“Part of the inflation is due to the increase in food prices resulting from the war,” Argentine President Alberto Fernández said Thursday at a press conference in Paris as part of a European tour.

The consumer price increase indicator was released on the same day that tens of thousands of protesters from leftist parties and social organizations ended a three-day march from all parts of the South American country in Plaza de Mayo in front of the government building, demanding better wages and jobs.

The inflation figures also come at a time when the International Monetary Fund (IMF) is reviewing compliance with the agreement signed with the Fernández government to refinance $44 billion in debt incurred during former President Mauricio Macri’s term in office (2015-19).

The IMF estimates that the cost of living in Argentina will increase by 51.7% by 2022, a forecast that rises to 60%, according to the Central Bank’s latest survey of the largest banks and market consultants.