Argentina's Consumer Price Index (CPI) rose 4.9% in November for an accumulated 85.3% in the first eleven months of the year, according to a report released Thursday by the National Institute of Statistics and Census (Indec).
The basic food basket, CBA, in Ushuaia, Tierra del Fuego province, Argentina soared 9,5% during October while the overall food basket, CBT, 9%, according to the latest figures from Indec, the country's stats office. This is 50% higher than the inflation rate for the month of October which stood at 6,3%.
Argentina's state-run oil company increased the price of fuel at pumps by 7.5% on average Sunday but it remained well below figures in neighboring cities abroad. The accumulated devaluation since the last naphtha adjustment is 16%.
Argentine unionist groups and social organizations took over the streets of Buenos Aires Wednesday causing traffic jams during office hours as they protested against rising inflation and unemployment and the deterioration of living conditions in general under the administration of President Alberto Fernández.
Foreign Analysts do not see a bright future ahead for Argentina's economy. While some place it among the countries most likely to default its debt, others fear it might not survive a new adjustment to the basic interest rates by the United States.
The Government of Argentina has adjusted the so-called PAIS tax from 35% to 45% as of Thursday to equate the exchange rate between the local currency and the US dollar to that existing in the unofficial “blue” market.
International Monetary Fund (IMF) Director for the Western Hemisphere Ilan Goldfajn admitted inflation guidelines outlined in Argentina's recent agreement with the financial agency needed to be modified to reflect a steep variation in prices.
Argentina's inflation turned out to be the world's fourth-highest, according to the International Monetary Fund's (IMF) World Economic Outlook report released Tuesday in Washington.
Argentina's inflation accelerated slightly in September from August as some easing of quarantine restrictions allowed the economic activity to begin to recover. The consumer prices rose 2.8% in September and increased 36.6% from a year earlier, Argentina's Indec statistics agency said on Wednesday.
Argentina inflation decelerated to 2.3% in January, the official statistics agency said on Thursday, well below analyst expectations for a 3.4% rise.