Argentina recorded an inflation rate of 12.4 percent in August, the highest monthly change in over two decades in a country dogged by chronic economic instability, its statistics agency said Wednesday. The last time monthly inflation hit double digits was in April 2002, when it stood at 10.4 percent.
Argentina recorded an inflation rate of 12.4 percent in August, the highest monthly change in over two decades in a country dogged by chronic economic instability, its statistics agency said Wednesday.
The increase in inflation had been expected after the peso was devalued by 21 percent in August, as part of a deal with the International Monetary Fund to unblock credit as part of a $44 billion loan package.The last time monthly inflation hit double digits was in April 2002, when it stood at 10.4 percent.
When the peso was uncoupled from the greenback, its value plummeted, causing a run on banks as people's savings were wiped out, and deadly social unrest. "We continue despite everything, knowing that for now things are not going to change," said the teacher Sablich.
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