In September, Argentinas yearly inflation rate surged to 138.3%, a 13.9-point increase from Augusts 124.4Indec, the countrys stats office, released this data today.The monthly inflation rate reached 12.7%, the highest in 21 years.
The previous month had a slightly lower rate of 12.4%.Clothing and leisure led the price increases with 15.7% and 15.1% hikes, respectively.
On the other hand, utilities and education had the smallest hikes, at 8.5% and 8.1%.Argentinas Central Bank lifted the annual interest rate to 118% in August to fight this.Argentina Sees 21-Year Inflation Peak at 138.3%.
(Photo Internet reproduction)Background Argentina Sees 21-Year Inflation Peak at 138.3%In context, Argentina has struggled with high inflation for years.
It impacts the cost of basic goods, hurting the average citizen.This latest spike is a 21-year high, signaling deepening economic woes.
Previously, the government tried various methods to curb inflation.However, those measures havent had a lasting impact.
Raising the interest rate to 118% is the latest step.Yet, its uncertain if this will cool down the skyrocketing prices.
Long-term solutions are still needed to stabilize the economy.