Inflation in Argentina reached more than 108% in April

Inflation in Argentina continued its upward trend in early 2023, reaching 108.8% over the year in April.

Inflation in Argentina, which reached 94.8% in 2022 and broke the record of the last three decades, continued its upward trend in early 2023, and in April, prices increased by 8.4% in one month to 108.8%. percent reached within one year.

According to local news agency Agence France-Presse, the April inflation index released on Friday by the National Institute of Statistics confirms a gradual but sustained growth from six percent in January. The increase in the total cost of living reached 32% since January 1 in this country.

The 8.4% rise in inflation in April represents the highest monthly increase in Argentina since 21 years ago and is a severe blow to the ruling centre-left coalition, which continues to hold inflation under control for the year ahead of general elections in October. , counts.

Argentine President Alberto Fernandez on Friday emphasized the impact of the peso’s devaluation late in the month on the April index. Argentina’s currency lost 20% of its value against the dollar in one week in April. On Friday, Fernandez emphasized the role of “psychological inflation” or “self-inflation”, especially in the business sector.

The increase in prices in Argentina in April was mainly caused by the clothing, food and restaurant sectors. Latin America’s third largest economy has been facing double-digit inflation for more than 12 years, which is caused by multiple internal and external causes.

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