Inflation in Argentina reached 211.4%

In 2023, Argentina faced a serious increase in inflation, which turned out to be the most significant in the last 30 years. According to the National Institute of Statistics and Surveys Indec, inflation reached 25.5% in December, and 211.4% for the whole year.

Indec noted on social media that consumer prices in December 2023 increased by 25.5% compared to November and by 211.4% year-on-year. These figures are the result of tough new measures introduced by the country's government to combat the crisis. Analysts had assumed that inflation could exceed 30%, but the President of Argentina considers reaching 25% a great success.

The largest price increases in December were recorded in the categories of «various goods and services» (32.7%), healthcare (32.6%), transport (31.7%), household appliances and household goods (30.7%), as well as food and soft drinks (29.7%). The cost of communications rose by 15%, utilities — by 13.8%, and education — by 6.2%.

Such a sharp increase in prices in Argentina was last observed in 1991 after a period of hyperinflation in 1989-1990. The current situation is aggravated by the devaluation of the national currency carried out by the national government, which led to its depreciation by more than half.