Save who can in Argentina, where inflation and interest rate levels are above dizzying thresholds. On Monday, the central bank gave a new turn of the screw, the second in less than a month, raising its interest rate to the record level of... 97 %. The objective is to curb out-of-control inflation, which reached 108.8% on April 30 at an annualized rate. The cumulative increase in the cost of living since January amounts to 32%, including an increase of 8.4% in April alone. Never seen in twenty-one years!
The inflationary spiral, poorly structured in the country for years, has amplified in recent weeks with the inexorable fall of the peso and a severe drought that will cut agricultural revenues, crucial for the country. Initial estimates suggest a drop of more than a third in soybean and corn harvests compared to 2022, or a shortfall over the year of some $20 billion. This is colossal, knowing that it represents "the main...
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