October price hikes takes Argentina inflation to 88 percent

Prices in Argentina continue to climb at a brutally fast pace, with the country's inflation rate hitting 88
percent in the 12 months through October. According to Indec, the country's official statistics agency,
prices soared 6.3 percent last month alone - almost as much as Brazil's inflation for the past year.

Prices of consumer goods rose by 91.8 percent over 12 months, while costs with services have gone up
78.4 percent as Argentina marches towards triple-digit inflation numbers. The worst predictions are
confirmed. it would be the first time Argentina would see 100 percent inflation in 30 years

Breaking down the data by segment. The biggest spikes were for housing costs and utilities, a direct
consequence of a reduction in energy subsidies. Food prices - which worry the government the most due
to their disproportionate weight on the poorest - remained just below the average for the month at 6.2
percent.

Vegetables and fruits however became 9 percent more expensive over the past month.
Scorching inflation has forced Argentina's Central Bank to engage in one of the world's steepest monetary
tightening processes. The country's benchmark interest rates nearly doubled in 2022, from 38 percent at
the turn of the year to 75 percent now as President Alberto Fernándes promised to stage a "war against
inflation"
Late in October, the Central Bank held rates for the first time this year citing that inflation had been better
than expected in September. The Central Bank said it "will continue monitoring the change in prices" and
would "actively employ" the monetary policy interest rate
 IA Macroeconomics

The Argentinian Central Bank is set to engage in one of the world's steepest monetary
tightening policies. Argentina’s inflation has been increasing for the last 12 months at
a very high rate, “prices soared 6.3 percent last month alone”. The government's
primary objective is to decrease inflation as the president said, “war against inflation".