Argentina witnessed a 4% increase in consumer prices in July 2024, pushing the country’s year-to-date inflation to nearly 90%, according to the latest data released by the National Institute of Statistics and Censuses.
The report indicates that the Consumer Price Index has risen by 87% since the beginning of the year. Compared to July 2023, prices have skyrocketed by 263.4%.
The steepest price increases were recorded in the hospitality sector, with restaurant and hotel prices climbing by 6.5%. Alcoholic beverages and tobacco saw a 6.1% increase, while utility costs went up by 6%, following a 14.3% jump in June. Food prices also rose, albeit more moderately, with a 3.2% increase.
Despite these alarming figures, the Argentine government has managed to somewhat curb the pace of inflation. However, the country’s economic activity has shown signs of slowing down, with the industrial production index falling by 1.6% in June.
Argentina continues to struggle with one of the highest inflation rates in the world. In 2023, prices soared by 211.4%, after rising by 94.8% in 2022 and 50.9% in 2021.
The latest inflation surge follows the election of President Javier Milei on November 19. One of the first measures taken by his administration was to adjust the official exchange rate, increasing it from 366 to 800 pesos per dollar.