Argentina’s monthly inflation rate was 12.8% in November, according to the National Institute for Statistics and Census (INDEC, for its Spanish acronym). November’s inflation rate is the last one that will fully reflect Alberto Fernández’s presidency, as twenty December days will have been presided over by Javier Milei. Year-on-year inflation hit 160.9%, and the accumulated inflation for the first eleven months of 2023 was 148.2%, according to Wednesday’s report. According to JP Morgan, Argentina’s inflation rate will become substantially higher in the following months after Tuesday’s 54% devaluation of the peso. “Let it be clear, those who were middle middle class, have just been thrown into poverty with a just a click, creating the illusion that there was no other possible way.”

Source: Bueno Aires Herald December 13, 2023 21:36 UTC