Argentina registers an accumulated inflation of 94.8% in 2022

BUENOS AIRES (AP) — Inflation in Argentina was 5.1% in December and 94.8% in 2022, the highest annual record for three decades.

The December rate exceeded that of 4.9% in November, while that of 2022 almost doubled that produced in 2021, when the rise in the cost of living was 50.9%, according to data released Thursday by the National Institute of Statistics and Censuses (Indec).

With these data, Argentina registers the second highest inflation in Latin America behind Venezuela, which in 2022 had an index of 305.7%, which represented a drop of more than half compared to the previous year, according to private economists.

Likewise, analysts highlighted that Argentina suffered last year the highest cost of living rise since 1991, when the price increase was 84%.

According to INDEC, in December the sector that experienced the greatest increase was “Restaurants and hotels” (7.2%), followed by “Alcoholic beverages and tobacco” (7.1%).

In turn, the increase in domestic service stood out, which had an impact on “Home equipment and maintenance” (5.9%); of fuels, with incidence in “Transportation” (5.8%); and private medicine services within the “Health” division (5.7%).

The rise in prices of “Food and non-alcoholic beverages” (4.7%) was the one that had the greatest impact in most of the country’s regions.

Analysts pointed out that the data from the start of this month of January show an acceleration in the prices of food and beverages in the context of a seasonal jump in sectors related to tourism, which anticipates another month without a drop in inflation.

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