LatinNews Daily - 12 August 2022

In brief: Argentina’s inflation continues to climb

* Argentina’s national statistics institute (Indec) has published the latest consumer price index (IPC) which showed that monthly inflation reached 7.4% in July, bringing annual inflation to 71%. The steepest monthly price increases were in recreation & culture (+13.2%), household equipment & maintenance (+10.3%) and restaurants & hotels (+9.8%). Accumulated inflation for first seven months of the year now stands at 46.2%, almost surpassing already the annual inflation target of 38%-48% agreed with the International Monetary Fund (IMF). In response to fast rising inflation, Argentina’s central bank (BCRA) announced it was raising the country’s benchmark Leliq interest rate by 950 basis points, from 60% to 69.5% in its eighth hike this year. Experts consulted by BCRA earlier this month forecast that inflation in Argentina will close 2022 at 90.2%.

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