Argentina's President Mauricio Macri is acknowledging for the first time that the country's annual inflation rate will be 30%. Macri said Tuesday that the high consumer prices unfortunately are a product of this storm. He was referring to a sharp devaluation of Argentina's currency and a recent run on the Peso.
That led Argentina's government to seek a financing deal with the International Monetary fund earlier this year aimed at boosting the sputtering economy as it continues to fight double-digit inflation.
Macri advised Argentines to take care of themselves, look and compare prices when they shop for groceries and other items, as he criticized businesses that seek to abuse the instability. He said his government would investigate those who have abusive attitudes toward pricing.
Argentina currently has one of the world's highest inflation rates. Last week, the INDEC national statistics bureau said consumer prices rose 3.7% in June, bringing the 12-month nationwide inflation rate to 29.5%. In the first six months of 2018, inflation has totaled 16%.
President Macri said that he had sought to lower inflation and public spending, stressing that we have to lower the deficit faster so we can lower inflation.
The president said that inflation would continue to go down and down, predicting Argentina would reach single-digit inflation in two or three years.