Argentina registers year-on-year inflation of 276% in February

Published at: 13/03/2024 02:40 PM

Argentina's National Institute of Statistics and Censuses (INDEC) reported that the country's year-on-year inflation stood at 276.2% in the month of February, measured by the consumer price index (CPI).

Consumer prices increased by 13.2% in February compared to January, evidencing a slowdown compared to the monthly rate of 25.5% recorded in the last month of 2023 and the 20.6% index of last January.

The INDEC report states that goods showed a positive variation of 11.9% in February compared to January, while services increased by 17.6%, with figures that amount to 295.1% and 226.1%, respectively, in the year-on-year comparison.

In the first two months of the year, inflation accumulated an increase of 36.6%. Consumer prices accumulated an increase of 21.4% in Argentina in 2023, the highest rate since the hyperinflation of 1989-1990 and with a notable acceleration compared to 94.8% in 2022, and was recorded as the highest inflation figure in the world last year.

The most recent private forecasts collected monthly by the Central Bank suggest that inflation will be 210.2% this year, with monthly rates of at least 10 percent until May, dispelling Javier Milei's promises since he became president last December, as a result of cuts in public spending and a devaluation of the peso to restructure Argentine finances.

Mazo News Team