The annual inflation rate in Argentina has risen to 289.4 percent. In April, prices in the South American country hit by a severe economic crisis rose by 8.8 percent, as the national statistics agency Indec announced on Tuesday in Buenos Aires.
In particular, the costs of housing, gas, water and electricity rose sharply. However, compared to previous months, inflation fell. It was the first time since October last year that the monthly inflation rate remained in the single digits. According to experts, the reasons for this are slower money creation and lower consumption.
Inflation in Argentina is one of the highest in the world. 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 a lot of tax revenue.
The ultra-liberal President Javier Milei wants to get Argentina back on track with a radical austerity program. The government cut thousands of public sector jobs, cut subsidies and dismantled social programs.
