Inflation in Argentina hits its highest level in 28 years

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BUENOS AIRES – Reuters

Consumer prices in Argentina rose 53.8 percent in 2019, the biggest increase in 28 years and an important challenge for the management of new president Alberto Fernandez in the third largest economy in Latin America.
The inflation rate in 2019, published by the State Statistics Agency on Wednesday, came down slightly from the 54.6 percent economists forecast in a central bank poll in December.
Argentina is experiencing a weaker economic crisis, the peso, and has increased poverty and unemployment, which helped topple former conservative Mauricio Macri in the presidential election on October 27.
The center-left Fernandez took office on December 10 and inherited a sovereign debt of about $ 100 billion that would require negotiations with Argentine creditors, including the International Monetary Fund, which signed a $ 57 billion financial aid agreement with the South American country.

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