Buenos Aires Times

economy ECONOMIC INDICATORS

INDEC: Inflation rose 3.9% in August 

National statistics bureau says consumer prices rose 3.9 percent in August – the highest monthly rate registered so far this year.

Thursday 13 September, 2018
People wait for the Subte in the capital.
People wait for the Subte in the capital. Foto:AP-Natacha Pisarenko

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The INDEC national statistics bureau says consumer prices rose 3.9 percent in August, the highest monthly rate registered so far this year.

That brings the 12-month nationwide inflation rate to 34.4 percent – one of the world's highest.

The inflation rate published by the official statistics agency Thursday follows a sharp devaluation of the peso, Argentina's currency. In total, the peso has plunged more than 50 percent so far this year. That led Argentina's government to seek a US$50 billion loan from the International Monetary Fund aimed at strengthening the economy.

To obtain some early funds, President Mauricio Macri has promised to bring Argentina's primary fiscal deficit to zero in 2019. But austerity measures are beginning to fuel discontent.

Top price increases in August were in communications, which rose 12.4 percent, and housing, water, electricity and other fuels, up 6.2 percent.

- TIMES/AP

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