Argentina’s inflation rate may go up to 95% this year

According to a monthly survey released by the central bank on Friday, economists have increased their prediction for annual inflation in Argentina this year to 95% as the country battles to recover from a protracted economic crisis characterized by skyrocketing prices.

The most recent estimate for rapidly rising consumer prices is 4.8 percentage points higher than the projection from the previous month.

According to analysts, Argentine inflation increased 6.5% in August.

The poll predicts that the country’s annual inflation rate will rise to 84% by the next year and then decline to 63% in 2024.

The central bank’s economists slightly increased their forecast for Argentina’s economic growth this year from 3.6% to 3.6%, up 0.2 percentage points from the poll taken last month.

Long-standing high inflation in Latin America’s third-largest economy has been made worse by the fallout from the conflict between Ukraine and Russia.

Participants in the poll anticipated that, despite Argentine traders increasingly turning to the black market for foreign exchange, the country’s official exchange rate would average 170.11 pesos to every dollar in December.

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