Inflation in Argentina registered an increase of 6.3 % in July, accumulating a total of 60.2 % since January, a figure that positions it among the highest in the world, according to the report of the official Institute of statistics Indec.

The monthly index shows a notable similarity with the data for June, which was 6%; however, a significant acceleration is anticipated for August after the drastic 18.3 % devaluation of the currency announced on Monday by the Central Bank.

The official parity of the currency with respect to the US dollar was established at 365 pesos, but the markets and companies refer to the informal price, known as the “blue dollar”, which rose from 600 pesos on Friday to 730 pesos on Tuesday.

The INDEC revealed that the price variation in year-on-year terms reached 113.4 % in July, also marking one of the highest levels in the last 30 years in Argentina.

In July, the economic segment with the greatest increase was communications (12.2 %), due to the increase in telephone and internet services.

They were followed in order of magnitude by recreation and culture (11.2 %), as well as Alcoholic beverages and tobacco (9.0 %).

The immediate reaction to the results of the primary elections on Sunday was a sharp correction in the exchange rate, after the ruling alliance Unión por la Patria came third (with 27.3 % of the vote) in the face of the presidential elections on October 22.

K. Tovar

Source: Bancaynegocios

(Reference image source: Unsplash+)

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