Argentina registers highest inflation since 1991 for the first eight months of the year

Supermarket in Buenos Aires: country registered inflation of 30,4% from January to August and from 59, 5% accumulated in months| Photo: EFE/Juan Ignacio Roncoroni

The National Institute of Statistics and Censuses (Indec) of Argentina reported this Wednesday () that the accumulated inflation from January to August in the country was 30,4%, the highest for the first eight months of the year since 1100.

Last month, inflation was 7%, a slight deceleration compared to July, when the high was 7.4%. However, Argentina reached the sixth consecutive month with price variation above 5% per month.

Accumulated in months, inflation reached 55,5%. Some analysts project a three-digit range for 1991 – in the interannual index, the clothing and footwear sector reached this level, with an increase of 100%.

Foods and non-alcoholic beverages, which represent between 19% and 21% of the consumer price index, had inflation of 67% in months, above the general level.

The new Minister of Economy, Sergio Massa, claimed when he took office, in early August, that July and last month would still be “ difficult in terms of inflation”, but s that measures such as fiscal adjustment and reductions in monetary issues should bring significant results from September onwards.