Price growth in Argentina in October amounted to 2.7%, since the beginning of the year inflation is 107%, they say the data published by the Republican Institute of Statistics and Census.
"The general level of the consumer price index in October 2024. increased by 2.7%, since the beginning of the year - by 107%. Compared to the same month last year, the growth is 193%”, the report says.
The October figure was the lowest since November 2021, confirming a trend toward a slowdown in inflation. In October, the index was most strongly influenced by rising prices of utilities (+5.4%), clothing (+4.4%), and hotel and restaurant services (+4.3%).
Argentina has been among the countries with the highest inflation for several years. At the end of 2023 appreciation is 211.4%, 2022 - 94.8%, 2021 - 50.9%. Price growth accelerated significantly after the election of Javier Maile as president on November 19, 2023. One of the first measures of his government was to increase the official exchange rate of the dollar from 366 to 800 pesos.
Mili, in his first speech as head of state, defined the situation in the country as critical and stated the need for shock measures in the economy. The libertarian politician advocates minimal government intervention in the economy and sees the solution to Argentina's economic problems in eliminating the budget deficit by cutting spending. According to the Institute of Statistics and Census, in the first half of this year, the poverty level in the country increased from 41.7% to 52.9%, and the GDP fell by 3.4% during the same period.