During the severe economic and financial crisis in Argentina, annual inflation in the South American country rose to 98.8 percent. From December to January alone, prices in the South American country rose by six percent.
Especially rents, rates for electricity, water and gas and rates for internet and telephone have risen sharply.
Inflation in Argentina is one of the highest in the world. To finance the budget deficit, the central bank is constantly printing fresh money. South America’s second-largest economy suffers from a bloated state apparatus, low industrial productivity and a large shadow economy that deprives the state of much tax revenue.
The national currency, the peso, continues to depreciate against the US dollar and the mountain of debt is constantly growing. Inflation in Argentina was now fueled by the global situation such as the war in Ukraine and disruptions in supply chains.
Source: Krone
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