Argentina’s annual inflation rate has surpassed 100% for the first time in three decades, according to new figures released by the country’s statistical body INDEC.[0] This marks one of the world’s fastest inflation rates, putting extra pressure on an already struggling economy that is expected to fall into recession ahead of presidential elections this year.[1]
Consumer prices have risen 6.6% on the month, more than all estimates in a Bloomberg survey of analysts, who had a 6% median forecast.[1] This marks the 13th straight month that Argentina has reported a monthly inflation rate above 4%, generally considered a threshold for healthy economies.[2]
In an effort to combat rising prices, Argentinian businesses have adopted a range of strategies, such as the ‘Dollar Malbec’ for wine producers, ‘Dollar Qatar’ for agencies selling travel packages to the 2022 FIFA World Cup, and the ‘Dollar Coldplay’ for concert organizers.
The government is struggling to control inflation and stabilize its economy. CNN Business will be keeping a close eye on the situation in Argentina and will provide updates as more information becomes available.
0. “Argentina’s inflation tops 100% for the first time since 1991” News8000.com – WKBT, 14 Mar. 2023, https://www.news8000.com/news/national-world/argentinas-inflation-tops-100-for-the-first-time-since-1991/article_4d6906d9-e8ca-5e02-a415-cf5f2c6c7d72.html
1. “Argentina Inflation Tops 100% as Economic Recession Looms” Bloomberg, 14 Mar. 2023, https://www.bloomberg.com/news/articles/2023-03-14/argentina-surpasses-100-inflation-as-economic-recession-looms
2. “Argentina’s inflation tops 100% for the first time since 1991” erienewsnow.com, 14 Mar. 2023, https://www.erienewsnow.com/story/48550740/argentinas-inflation-tops-100-for-the-first-time-since-1991