In Argentina, prices nearly doubled in the past year as the country’s annual inflation rate hit its highest level in more than 30 years.
Official data shows that consumer prices rose 94.8% in the 12 months to December.
It was the country’s highest inflation rate since 1991.
Last year, Argentina’s central bank raised interest rates to 75% to curb the rising cost of living.
On a monthly basis, Argentina’s monthly inflation rate was 5.1% in December.
The monthly figure was a small victory for President Alberto Fernandez’s administration as the monthly inflation rate remains below its July peak of 7.4%.
Argentinian politicians can also take comfort in the fact that the annual rate in 2022 has not yet reached three digits.
Price increases in December were driven by rising costs in areas such as restaurants, hotels, alcohol and tobacco, which rose more than 7%.
Like most countries around the world, Argentina has seen a surge in prices as the cost of raw materials, including energy, has increased.
In Argentina, the price increase is attributed to the high level of currency issuance by the central bank and the war in Ukraine.
In December, the International Monetary Fund (IMF) approved an additional $6 billion as part of a bailout package for Argentina, South America’s second largest economy.
This was the latest payment to Argentina in a 30month program expected to total $44 billion.
Last year, the country had three economy ministers in just four weeks.
Sergio Massa has been in office since August and has tried to curb rampant inflation with tough policies.
This text was published at https://www.bbc.com/portuguese/internacional64260461