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Argentina inflation, heading towards 100%, seen easing back from July peak

Economic Indicators Sep 13, 2022 10:31AM ET
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© Reuters. FILE PHOTO: A shopper walks past a placard that reads "Buy today, cheaper than tomorrow", outside a store, following Argentina's high inflation, as the economic crisis grips, in Buenos Aires, Argentina, July 29, 2022. REUTERS/Agustin Marcarian

By Hernan Nessi

BUENOS AIRES (Reuters) - Argentina's inflation rate, heading towards 100% this year, likely eased in August versus a 20-year peak the month before, analysts polled by Reuters said, bringing some hope sharp price rises could start to be tempered.

A survey of 21 analysts gave a median forecast of a still very high 6.6% rise for the month, lower than the 7.4% spike in July. The estimates ranged from 6.0% to 7.4%.

"The data for August, although still unusually high, has erased worries about an inflationary spiral," said Lautaro Moschet, economist at Libertad y Progreso.

GRAPHIC: Battling inflation in Argentina https://graphics.reuters.com/ARGENTINA-INFLATION/qmyvmdzmjpr/chart.png

Argentina, a major soy, corn and wheat exporter, has targets to bring down inflation as part of a $44 billion deal with the International Monetary Fund, a push being led by new economy "superminister" Sergio Massa, who gained plaudits this week from the IMF over "strong steps" to stabilize the economy.

The South American country, which has been battling debt and currency crises for years, is grappling to bring down one of the world's highest inflation rates, which, according to a recent central bank poll, will end 2022 at 95%.

Rising prices, especially food and fuel, are hurting Argentines badly, which has damaged the center-left Peronist government of President Alberto Fernandez ahead of general elections next year.

"We expect inflation won't drop to an average of 6% until the end of the year, so 95% annual inflation is a floor," consultancy Econviews said.

Argentina's statistics body is expected to publish August inflation data on Wednesday.

Argentina inflation, heading towards 100%, seen easing back from July peak
 

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Jack Peterson
Jack Peterson Sep 13, 2022 11:39AM ET
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And heading to the good Ole USSA… buckle up! The Hyperinflation Act is about to get kicked in…
 
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