Buenos Aires, April 14, 2024 – Argentina’s annual inflation rate continues to accelerate, approaching 290%.
The consumer price index rose 287.9% year-on-year in March, up from 276.2% in February, the Argentine statistics agency Indec reported on Friday.
The month-on-month pace of price growth, however, is slowing, reaching 11% in March compared to 13.2% in February, 20.6% in January, and 25.5% in December.
Argentina’s inflation is among the highest in the world. The second-largest economy in South America is plagued by a bloated state apparatus, low industrial productivity, and a large shadow economy that deprives the state of tax revenue.
Ultra-liberal President Javier Milei, who took office in December 2023, has vowed to implement radical economic reforms to tackle inflation and other economic woes. However, his plans have met with fierce resistance from powerful labor unions and entrenched interests.
Key Points:
- Argentina’s annual inflation rate reached 287.9% in March.
- The month-on-month pace of price growth is slowing.
- Argentina’s inflation is among the highest in the world.
- President Milei has vowed to implement radical economic reforms, but faces strong opposition.
