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ECONOMY | 10-06-2023 08:45

Analysts in Argentina forecast 148.9% inflation in 2023

Latest Central Bank survey of market expectations produces 148% estimate for inflation in 2023 – a 22-point hike on previous forecast.

Argentina’s runaway inflation rate will soar to 148.9 percent in 2023, according to a new estimate from the nation’s leading market analysts and economists.

The stark forecast, outlined in the Central Bank’s latest ‘REM’ survey of market expectations released on Friday, is a rise of 22.5 points on the previous estimate issued by the same group of experts.

Consumer prices in Argentina rose 8.4 percent in April – the highest monthly increase in more than three decades. Inflation over the last 12 months totals 108.8 percent and is forecast to rise sharply as the country builds up to general elections in October.

In its monthly report, the Central Bank said economic indicators for May "suggest that monthly inflation moderated" last month, despite continuing increases.

The INDEC national statistics bureau will report the official monthly inflationary figure for May this coming Wednesday. 

The Central Bank last month raised a benchmark interest rate from 91 percent to 97 percent, one of a series of measures to suck pesos out of the market and alleviate pressure on Argentina’s multiple exchange rates.


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