Prices rose 71 percent in July from a year earlier. In July alone, prices increased by 7.4% compared to the previous month.
In view of the severe economic and financial crisis, the inflation rate in Argentina has risen to over 70%. Prices rose in July from a year earlier by 71%, the statistics authority announced on Thursday. In July alone, prices increased by 7.4% compared to the previous month. The government recently announced that it would freeze prices and wages for two months to slow the depreciation of the national currency, the peso.
The inflation rate in Argentina is one of the highest in the world. To finance the budget deficit, the central bank is constantly printing new money. In addition, Argentina has been experiencing a serious economic crisis for years.
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 national currency, the peso, continues to depreciate against the US dollar, and the debt mountain is constantly growing.