Argentina: Inflation comes in at highest level since our records began
Inflation came in at 92.4% in November, which was up from Octobers 88.0%. November’s figure marked the highest inflation rate since our current records began.
The trend pointed up, with annual average inflation coming in at 68.7% in November (October: 65.1%).
Lastly, consumer prices rose 4.92% over the previous month in November, below the 6.35% rise seen in October. November’s result marked the weakest reading since February.
Commenting on the outlook, Lucila Barbeito and Diego W. Pereira, analysts at JPMorgan, stated:
“The recent price freezing agreements could provide a temporary inflation relief, but as history tells, such arrangements have failed to provide a sustainable disinflation path ahead absent structural policy changes. Amid high (and increasing) repressed inflation, which we estimate at 12.5% by December 2022, we continue to expect inflation to accelerate further next year as the government muddles-through until the October election stretching the current policy framework to the limits.”
FocusEconomics panelists expect inflation to be 90.5% at the end of 2023, which is up 1.9 percentage points from last months forecast. Inflation is projected to moderate to 68.2% at the end of 2024.