LatinNews Daily - 15 July 2022

In brief: Argentina close to surpassing annual inflation targets

*Argentina’s national statistics institute (Indec) has published the latest consumer price index (IPC) which showed that monthly inflation reached 5.3% in June 2022, bringing the 12-month rate to 64%, the highest annual level in over a decade. Although June’s monthly rate is slightly higher than the 5.1% that was registered in May, the figures show that inflation has slowed down slightly compared to March and April, when the monthly rates were 6.7% and 6% respectively. The steepest monthly price increases were in health (+7.4%), which Indec attributed to the increased prices of prepaid prescriptions and medicinal products. Significantly, the Indec figures indicate that accumulated inflation for the first six months of the year has now risen by 36.2%. This makes it almost certain that annual inflation targets of 38%-48% agreed with the International Monetary Fund (IMF) will be surpassed while the consensus among economists surveyed by Argentina’s central bank is that this will now rise further to 76% by year-end.

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