On a monthly basis, inflation in April was 8.4% in Latin America’s third-largest economy.
Argentina has one of the highest inflation rates in the world.
In 2022, inflation reached 94.8%, the country’s highest annual figure since 1991, when it exceeded 171%.
The government has set an inflation target for 2023 at 60%, but a recent central bank report predicted it to be 126.4%.
In addition to its fight against inflation, Argentina is also facing a sharp depreciation of its currency a few months before the general elections.
The peso stood at 238.5 to the dollar at the official rate on Friday, but hit 474 on the parallel black market.
The country’s economic problems have been exacerbated by the impact of the severe drought on the agriculture and livestock sectors, which are the two main sources of foreign exchange.
The International Monetary Fund expects Argentina to grow by 0.2% in 2023.
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