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Argentina Inflation November 2023

Argentina: Inflation comes in at highest level since our records began

Inflation came in at 160.9% in November, which was up from October’s 142.7%. November’s reading was the highest inflation rate since our current records began.

The trend pointed up, with annual average inflation coming in at 121.9% in November (October: 115.5%).

Lastly, consumer prices increased 12.81% in November over the previous month, accelerating from October’s 8.30% increase.

Commenting on the outlook, Itau Unibanco’s Andrés Pérez and Diego Ciongo stated:

“We expect a significant acceleration of inflation in the coming months. In our view, the liberalization of repressed prices and announced measures of the recent stabilization plan will lead to higher inflation in the near term, reflecting the pass-through effect of the recent devaluation of the currency and the correction of energy, transport, fuel tariffs, among others. Our estimation for 2023 stands at 200% with risks tilted to the upside. For 2024 we now expect 200% inflation by year end, but with a likely peak in the first half of the year.”

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