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Argentina ended with the fourth highest inflation in the world in 2022 and the second by far in Latin America

2023-01-13T17:41:22.364Z


Ahead are only: Venezuela, Zimbabwe, and Lebanon, according to a report by the Venezuelan Finance Observatory (OVF).


With the confirmation of the December data, which was released on Thursday by the National Institute of Statistics and Censuses (INDEC),

Argentina ended with a price index of 94.8% in the year

, and thus remained with the fourth highest inflation in the world in 2022, and the second.

by far, in Latin America.

According to the independent measurement of the Venezuelan Finance Observatory (OVF), at a global level,

local inflation was behind Venezuela

, with 305%;

from

Zimbabwe

, with 244%;

and

Lebanon

, with 142%.

However, if one considers how only Latin American countries fared,

Argentina came in as a sad second place

.

The first place was from Venezuela.

In the rest of the region,

in third place, very far from Argentina, was Colombia, with 13.1%

.

Followed by Chile, which with 12.8% ranked fourth, and Peru, with 8.4%, in fifth place.

Still further down,

Paraguay ranked with 8.2%

, in sixth, and

Uruguay in seventh with 8.1%

.

Eighth, 

Mexico with 7.8%

, and ninth, Brazil with 5.7%.

Finally, Bolivia and Ecuador with 3.1%, each, in 2022.

Among the most developed countries, which meet in the G-7,

Italy registered 11.6%

in 2022,

Germany 8.7%

, and

the United States 6.5%

.

They are still lower down: France, with 5.9% and Japan, with 4%, the lowest in the group although for the country it was the highest record in the last four decades.

Since the data for December are not yet known, it should be noted that until November Great Britain registered year-on-year inflation of 10.7% and Canada of 6.8 percent.

For its part, the euro area closed with inflation of 9.2%, based on the reduction in fuel prices ten months after the Russian invasion of Ukraine;

in particular, the countries of Eastern Europe once again showed the highest increases, with Hungary with 22.5%, Estonia with 17.6% and Bulgaria 16.9%, while Belgium registered 10.4%, the Netherlands 9.6 %, Spain 5.8%, Denmark 8.7%, Norway 5.9% and Switzerland 2.8%, among others.

Countries with external or internal conflicts have inflation rates lower than Argentina

: Syria registered 55%, Ethiopia 35%, Ukraine 26% and Myanmar 19%, among others.

In Africa, Nigeria reached 21% last year, Ghana 16%, Uganda 10%, Kenya 9% and Morocco 8.4%, while in Asia Pakistan reached 24% and, on the other hand, Korea registered 3%.

The issue of inflation is a worldwide concern, and this is made clear by the latest World Bank World Economic Outlook report, released this week.

"Global growth is slowing sharply due to high inflation,

rising interest rates, reduced investment, and disruptions caused by Russia's invasion of Ukraine."

In the specific case of Argentina, the international organization

calculated a growth of 2% in 2023

,

conditioned by high inflation

.

“Given the fragile economic situation, any new adverse event—such as higher-than-expected inflation, abrupt interest rate hikes to contain it, a resurgence of the COVID-19 pandemic, or escalating geopolitical tensions—

could push the world economy into recession"

, said the entity chaired by David Malpass. He added

"

It would be the first time in more than 80 years that two world recessions have occurred in the same decade.

The world economy is projected to grow 1.7% in 2023 and 2.7% in 2024."

What happened to inflation at the local level

Argentine inflation in December, the last measurement of 2022, was 5.1%, according to the Consumer Price Index (CPI).

Thus,

the accumulated figure for the last twelve months is 94.8%.

With the inflation numbers for the last month of the year on the table

, finally 2022 was left with the highest rate in 32 years.

The deceleration of the last few months prevented the 100% barrier from being crossed, but it

 far exceeded the 83% of 1991

, the year in which Convertibility was launched.

The highest inflation in the year and in the entire administration of Alberto Fernández

continues to be that of July, when it reached 7.4%.

The inflation data for 2022 practically doubles the result of 50.9% in 2021

.

This acceleration in prices occurred in a context of delayed exchange rates -both the official and alternative dollars rose by around 70%-, a rate correction of around 55% and wage increases of 80% on average until last October. .

Throughout 2022,

the item that increased the most was Clothing and footwear with 120.8%

, followed by Restaurants and Hotels with 108.8%.

The podium is completed by various goods and services with 97.8%, followed by household equipment with 97.2%.

Food climbed 95%.

In the data corresponding to December, the sector that suffered the greatest increase

was Restaurants and hotels (7.2%), ahead of Alcoholic beverages and tobacco (7.1%). 

This time,

food increased 4.7% and clothing 4%.

NS

look also

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The Fair Prices program had almost no impact on the rise in food

Source: clarin

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