Inflation in Argentina would accelerate to 54.8% in 2022, according to a central bank survey

RIO DE JANEIRO, BRAZIL – Analysts consulted by the Central Bank of the Argentine Republic (BCRA) raised their inflation estimate for 2022 to 54.8%, about 2.7 percentage points more than previously calculated.

The figure comes from the monthly Market Expectations Survey (REM) that the monetary authority of the trans-Andean country published last Friday. Economists also raised their economic growth projection for Argentina in 2022 to a median of 2.9%, from a previous estimate of 2.5%.

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It is estimated that in December 2021, the general price level would have added 3.4%. REM reported that analysts’ estimate for 2021 inflation was 51.1%, making the 2022 figure 3.7 percentage points higher.

The third-largest economy in Latin America has suffered from high price rises for years and has recently begun to leave behind a long recession, which deepened in 2020 due to the effects of the Covid-19 pandemic.

REM participants foresee that the average nominal exchange rate in December will be 163.74 Argentine pesos per dollar, and they expect it to reach 229.18 pesos per dollar by the end of 2023.

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