February 6, 2023

With an increase of almost 100%, inflation in 2022 in Argentina is the highest in 32 years

The data was released by Alberto Fernandez’s government, which uses price freezes as a strategy to combat the situation

Play / Twitter @CasaRosadaArgentine President Alberto Fernandez

With an increase of 94.8% in 2022, the inflation Registered in Argentina It was the largest in the country for 32 years. According to data released this Thursday, 12, by the National Institute of Statistics. The figures followed December’s results, which closed up 5.1%, below the maximum of 7.4% recorded in July, but slightly higher than November when the increase was 4.9%. The CPI rate, the consumer price index, is the highest since 1991, when it was increasing more than 1,000% annually. This time, the sectors that rose the most were clothing and footwear, which rose by 120.8%, and restaurants and hotels, which increased by 108.8%. The strategy sought by the president Alberto Fernandez To contain the rally is to freeze prices. In December, the federal government announced an agreement with food and hygiene companies to maintain numbers for 2,000 essential products through March of this year. Plus monthly increases of a maximum of 4% on another 30,000 articles. One of the main concerns of Casa Rosada is inflation. Despite a decrease in unemployment rates of more than 7%, the loss of purchasing power has caused thousands of people to enter the poverty line, which already affects 36% of the population. The third largest economy in the region, Argentina hasn’t known what it’s like to have an inflation rate below double digits since 2011, still under the Cristina Kirchner government. With presidential elections scheduled for October 2023, Fernandez’s team is trying to improve the numbers and achieve results, including the Minister of Economy, Sergio Massa, who has already promised monthly rates of around 3% for 2023 without allowing financial conditions to cool.

*With information from reporter Fabrizio Nietzky