The inflation in Argentina in January may be similar to that recorded in December, said the presidential spokesperson, Manuel Adorni, at a press conference on Monday.
The country recorded a monthly inflation of 25.5% in December, bringing the indicator to an accumulated increase of 211.4% in 2023, the highest annual level in the world.
“It is clear that with a 25% inflation in December, and we will see what the number is, but maybe with a similar number in January, it is clear that purchasing power is suffering, it is clear that we are going through very difficult times in the Argentine Republic,” said Adorni.
The government of the ultraliberal Javier Milei is trying to implement a series of economic measures in a comprehensive bill known as the “bus law” to get the economy back on track, which obtained general approval in Congress on Friday. On Tuesday, the deputies will begin voting on each article.
“For 2024, inflation projections have been adjusted upwards for the sixth consecutive month, reaching 213.0%, anticipating a significant acceleration in the first half of the year that could exceed 350% in the year-on-year comparison, although a deceleration is expected for the second half of the year,” said IOL Invertironline.
The third largest economy in Latin America is going through a complex situation with high inflation, pressure on the peso devaluation, low reserves in the central bank, high fiscal deficit, and exchange restrictions amid a capital control scheme due to the lack of foreign currency.
