Argentina’s inflation figure for the year 2019 ended at 53.8%. This was the highest rate recorded since 1991 when the figure reached 84% due to the hyperinflation crisis in the country. In 2018, inflation was already 48%. These figures marked the 15th consecutive year of a double-digit inflation rate. Argentina is facing a recession provoked by a currency crash 18 months ago.
The INDEC data institute revealed the figures and stated that in December alone, the cost of living increased by 3.7%. The Patagonia region registered a rate of 4.2% and suffered the highest increase. The hardest-hit sectors were health (72%), communications (64%), home maintenance equipment (64%), and food (62%).
The country’s inflation rate is one of the highest in the world and the second-highest in Latin America after crisis-hit Venezuela. This underlines the challenges facing the new leftist president Alberto Fernandez. Despite the tight monetary programs implemented in late 2018 after a currency crisis, Argentina has not only failed to reduce inflation but has also deepened the recession.
Image Source: Latin American Post