MEXICO CITY: The Consumer Price Index (CPI) in Argentina has showed its worst result in more than 30 years, as there was 25.5 per cent monthly inflation in December and 211.4 per cent inflation over the 12 months of 2023, reported Sputnik.
“The consumer prices (CPI) increased by 25.5 per cent in December 2023 in comparison with November of the same year, as well as by 211.4 per cent year-on-year,“ the Argentine National Institute of Statistics and Census (INDEC) said on X on Thursday.
The December index reflects the new tough measures adopted by the government to tackle the crisis in the country. Experts had expected inflation to be above 30 per cent and Argentine President Javier Milei said 25 per cent would be a great success.
The most noticeable price increases in December were in the categories of “miscellaneous goods and services” (32.7 per cent), health care (32.6 per cent), transportation (31.7 per cent), household appliances and goods (30.7 per cent), and food and non-alcoholic beverages (29.7 per cent). Communications prices rose by 15 per cent, utilities by 13.8 per cent and educational services by 6.2 per cent.
The last time prices rose to such an extent was in 1991, after a period of hyperinflation in 1989-1990. The current inflation was caused by the double devaluation of the national currency carried out by the national government. -Bernama
