Argentina’s year-on-year rise in prices has also propelled it above Venezuela for the first time in decades, sending the South American country to the highest rankings among nations struggling with soaring inflation, RT reported.
The data highlights the strong impact of a series of shock measures there, including a 50% devaluation of the nation’s currency and a hike in the key interest rate to 133%, implemented by the country’s newly-appointed President Javier Milei in an effort to eventually tame the country’s roaring inflation. The government has also allowed price-fixing agreements to lapse.
The annual inflation more than doubled from 2022’s rate of nearly 95%.
In the menatime, the monthly inflation rate stood at 25.5% in December, up from 12.8% in November but slightly below the 30% projected by the country’s government.
Earlier this week, the International Monetary Fund (IMF) agreed to unlock $4.7 billion for Argentina as part of a debt-restructuring plan and despite the fact that the nation has missed targets related to its $43-billion loan program, the report added.