About a month before Presidential election in Argentina the already high inflation rate continued to rise. In August, the inflation rate rose to 12.4 percent compared to the previous month, compared to August 2022 Inflation rate 124.4 percentas the national statistics agency Indec announced on Wednesday in Buenos Aires.
The inflation rate in the second largest economy in South America is one of the highest in the world. To finance the budget deficit, the central bank is constantly printing new money.
After the surprising Success of the libertarian populist Javier Milei During the presidential primaries, the central bank sharply devalued the local currency, the peso, a month ago.
On October 22nd, Milei will face Economy Minister Sergio Massa from the left-wing Peronist government camp and against former Interior Minister Patricia Bullrich from the conservative opposition.
Argentina suffers from a bloated state apparatus, low industrial productivity and a large shadow economy that deprives the state of much tax revenue. (dpa)
2023-09-13 23:08:03
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