Argentina's inflation hits 12.4% MoM in August, highest in 3 decades

September 14, 2023 (MLN): Argentina recorded an inflation rate of 12.4% in August, the highest monthly change in over three decades in a country dogged by chronic economic instability, its statistics agency said Wednesday, as APP reported.

Argentines are already struggling to make ends meet after years of rising prices and currency volatility, and the latest figures come a little over a month before general elections.

Prices rose 124% over the past 12 months, and 80.2% since January according to a report by the Indec agency.

"There is nothing, no money to save. We live day to day," said teacher Karina Sablich, while doing her grocery shopping.

Economy Minister Sergio Massa, who is running for president, said last week that "August was the worst month in the last 25 years" for the economy.

The increase in inflation had been expected after the peso was devalued by 21% in August, as part of a deal with the International Monetary Fund (IMF) to unblock credit as part of a $44 billion loan package.

The last time monthly inflation hit double digits was in April 2002 when it stood at 10.4%.

Prior to that, the highest monthly rate was recorded at 27% in February 1991.

"An anti-inflationary plan is needed, but obviously that won't happen until a new government takes over in December," said economist Victor Beker, from the University of Belgrano.

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