In Argentina, inflation has approached 90% since the beginning of year

By Alimat Aliyeva

In Argentina, since the beginning of the year, accumulated inflation has amounted to almost 90%, Azernews reports.

"The overall level of the consumer price index increased by 4% in July 2024, and by 87% since the beginning of the year. Compared to the same month last year, the growth was 263.4%," the report says.

According to the data, prices in the restaurant and hotel sectors rose the most in July (+6.5%), followed by alcoholic beverages and tobacco (+6.1%), utilities (+6%), the cost of which in June already increased by 14.3% compared with May, food prices increased by 3.2%.

Argentina has been among the countries with the highest inflation for several years. By the end of 2023, the price increase was 211.4%, 2022 - 94.8%, 2021 - 50.9%. Price growth accelerated significantly after the election of Javier Miley as President on November 19. One of the first measures of his government was to raise the official exchange rate of the American currency from 366 to 800 pesos for 1 dollar.