Inflation in Argentina is at its highest level in 32 years

Argentina’s annual consumer inflation rose to 124.4 percent in August, reaching its highest level since 1991. Monthly inflation in August was 12.4.

A central bank survey released after the data predicted inflation would end the year above 169 percent. Monthly inflation was estimated to be 12 percent in September and 9.1 percent in October.

THE ECONOMIC CRISIS IS GROWING

Argentina is trapped in a cycle of economic crisis, with a constant depreciation of the peso, triple-digit inflation, negative central bank reserves and a drought that affects agriculture.

The country is also fighting to save a $44 billion deal with the International Monetary Fund (IMF). Poverty levels in the country exceed 40 percent due to the growing cost of living crisis.

THE CRISIS MAY AFFECT THE RESULT OF THE ELECTIONS

The crisis is believed to fuel anger against traditional political elites ahead of October elections.

As a result of the serious crisis, the radical liberal Javier Milei was surprisingly ahead of the current Minister of Economy, Sergio Massa, and the conservative candidate Patricia Bullrich in the primaries.