Annual inflation in Argentina has risen to 254.2 percent. In January, prices in the country hit by a severe economic crisis rose by 20.6 percent, the national statistics agency Indec announced on Wednesday in Buenos Aires.
The costs of care products, transport and communication in particular rose sharply. This means that the year 2024 in Argentina started with the highest inflation rate since the hyperinflation of 1991.
Inflation in Argentina is one of the highest in the world. South America’s second-largest economy suffers from a bloated state apparatus, low industrial productivity and a large shadow economy that deprives the state of much tax revenue.
The new ultra-liberal president Javier Milei wants to get Argentina back on track with a radical austerity program. The government sharply devalued the local currency, the peso, and announced cuts to subsidies on gas, water, electricity and public transport, likely pushing up prices. (sda/dpa)
Soource :Watson
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
