Argentina’s inflation reaches 98.8% per year in January 2023
It is the highest level since 1991 in the country; leisure and culture sector recorded the highest monthly increase
Argentina’s official annual inflation rose for the 12th straight month in January and was 98.8%. The data were released on Tuesday (14.Feb.2023) by the country’s Indec (National Institute of Statistics and Censos). Here is the full report (872 KB, in Spanish).
The country recorded an increase of 4 percentage points compared to December 2022, when it was at 94.8%. In January, the monthly rate was 6%. This is the highest inflation in the country since October 1991, when the annual rate was 102.4%.
The sector that had the highest rise in prices in the month was leisure and culture (9%). Water, electricity, gas and other fuels (8%) also pushed up prices. Those with the lowest increases were education (1.1%) and clothing and footwear (2.3%).
In relation to the G20 members, Argentina is the country with the highest inflation in the group and the highest interest rate (75% in December 2022).
In November 2022, the Minister of Economy, Sergio Massa, announced a price freeze on more than 1,700 products in the country as a measure to contain inflation.
The program called Fair Prices was updated at the beginning of February. Another 1,974 products were included in the list of freezes that will last until June.