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Buenos Aires (AFP) – Argentina registered the highest monthly inflation in 12 months in March, a period in which the increase in consumer prices totaled 104.3%, the state Institute of Statistics (Indec) reported this Friday.
In March, prices rose 7.7%, surpassing the 7.4% of last July, after the untimely resignation of Martín Guzmán to the Ministry of Economy.
With this data, consumer prices registered a 21.7% increase in the first quarter of 2023.
The item with the greatest increase in March, the start date of the school year, was education, with 29.1%. It was followed by clothing and footwear (9.4%) and food and non-alcoholic beverages (9.3%).
The measurement is higher than what the Central Bank had predicted in its most recent survey of market expectations, in which it projected inflation of 7% for March and 110% for all of 2023.
Inflation has been a chronic problem in Argentina, which has one of the highest rates in the world.. However, a twelve-month cumulative of more than triple digits, which was already seen last February, had not been registered in more than 30 years.
Argentina, in the midst of an election year, is going through a difficult time in its economy, with a drought that has severely affected the agricultural and livestock sector, the largest source of foreign currency in the country that since the beginning of the year has lost more than 5,500 million dollars of its international reserves, currently at around 37,000 million.
The International Monetary Fund forecast for Argentina in 2023 a very timid growth of 0.2% of the Gross Domestic Product.
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