Argentina’s inflation rises to 143%

Argentina Central Bank
Source: Allende and Brea

According to the latest statistics, as the world continues to fend off global inflation, inflation in Argentina is soaring, rising 143%. The country’s economic state is in a crisis, rising to the highest level of inflation in over 30 years. On top of this, Argentina has an upcoming election that will dictate the future of its government and potential economic decisions.

Consumer prices rose 8.3% in October on a monthly basis in Argentina. In addition, annual inflation accelerated to 142.7%, in comparison to last year. Official government data published Monday shows that despite the large number, this was still below projections.

Argentines will choose their next president on Nov. 19 in a runoff vote between Economy Minister Sergio Massa and libertarian outsider Javier Milei. Whoever is elected as the next president of Argentina, their biggest concern right away will be how to combat this growing inflation.

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New forecasts aren’t much better for the South American country. Economists project that annual inflation will be near 200% over the next 12 months. That is according to the average forecast from the central bank’s last monthly survey.

Also Read: BRICS: Argentina Ditches US Dollar For IMF Payment, Pays Chinese Yuan

Furthermore, with BRICS membership also still in the balance, the currency of Argentina is also up in the air. Currently, the country has been processing global trade with the Chinese Yuan, however, de-dollarization is a split subject amongst the candidates. All eyes will be on the outcome of the election to determine the economic future of Argentina.