Economics
Argentina’s Inflation Surges Past 70% on Political Turmoil
- Annual inflation hit highest in about 30 years in July
- Political instability triggers peso depreciation, price jump
Shoppers purchase groceries at a market hosted by the Union of Popular Economic Workers to help those in need, in front of the National Congress building in Buenos Aires on July 14.
Photographer: Anita Pouchard Serra/BloombergThis article is for subscribers only.
Argentina’s annual inflation surged past 70% last month, one of the fastest rates in the world, after renewed political turmoil fueled price spikes and a currency rout.
Consumer prices rose 71% in July from a year ago, the highest level in about 30 years, according to government data published Thursday. On a monthly basis, the inflation rate spiked to 7.4%, accelerating at the fastest pace in two decades and slightly above economists’ average expectations for 7.3%.