Argentina inflation has hit 211.4%

Argentina inflation has hit 211.4%, per Reuters.

Argentina concluded 2023 with an annual inflation rate of 211.4%, marking the highest since the early 1990s, according to official data released on Thursday. This surge in inflation has positioned Argentina's year-on-year rise in prices above Venezuela's for the first time in decades.

December witnessed a monthly inflation rate of 25.5%, falling below expectations. The devaluation of the local peso by President Javier Milei's new government contributed to this inflationary trend. Despite recent agreements with the International Monetary Fund (IMF),

Argentina, under Milei's leadership, faces significant economic challenges, and the data highlights the urgency of addressing hyperinflation through major reforms. In comparison, regional peer Venezuela has experienced a cooling of prices, with an estimated annual inflation rate of around 193% for 2023.