WORLD Argentina sees 88 pct year-on-year inflation in October

WORLD

Argentina sees 88 pct year-on-year inflation in October

Xinhua

07:15, November 16, 2022

BUENOS AIRES, Nov. 15 (Xinhua) -- Argentina registered 88 percent year-on-year inflation in October, with prices rising 6.3 percent for an accumulated 76.6 percent spike in prices so far this year, the National Statistics and Census Institute (INDEC) said Tuesday.

Members of social movements participate in a barter market for goods, as part of a protest against low wages and high inflation at Plaza de Mayo square, in front of Casa Rosada presidential palace in Buenos Aires, on October 3, 2022. (File photo: AFP)

The goods and services that saw the biggest jump in price, year over year, were "clothing and footwear," with a 121.5 percent increase; "restaurants and hotels," with a 105.2 percent rise; and "food and non-alcoholic beverages," with a 91.6 percent increase, the INDEC said.

"Healthcare" costs rose 78.6 percent, while "transportation" climbed 77.9 percent and "education" 76 percent.

Accumulated annual inflation (since January) saw the price of "clothing and footwear" rise 103.1 percent, followed by "restaurants and hotels" 84.6 percent, and "food and non-alcoholic beverages" 80 percent.

Over the past 12 months, prices of goods in Argentina rose 91.8 percent and those of services 78.4 percent.

Argentina's government has said fighting inflation is one of its main economic policy goals.

According to the Central Bank of Argentina's latest survey of market expectations, inflation could hit three digits toward the end of the current year to reach 100 percent.

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