Argentina sees prices almost doubling last year [View all]

Argentina saw prices almost double last year as the country's annual inflation rate hit its highest level in more than 30 years.

Official figures show consumer prices jumped by 94.8% in the 12 months to the end of December.

It marks the South American country's fastest annual pace of inflation since October 1991 - when the country was emerging from a bout of hyperinflation.

Last year Argentina's Central Bank raised its main rate of interest from 38%, to 75%, as it tries to rein in the soaring cost of living.

On a monthly basis, Argentina's monthly inflation rate stood at 5.1% in December.

The monthly figure marks a small victory for the government of President Alberto Fernández as the country's official inflation rate remains below the peak of 7.4% in July.

At: https://www.bbc.com/news/business-64258488

"Fair Price" placards festoon a supermarket in La Plata, Argentina, the day of the program's introduction by Economy Minister Sergio Massa on December 1.

The program - a price truce agreed on with leading retailers on 1,900 popular items - helped keep inflation for all of 2022 at just under 100%.

The 94.8% rate was, however, the highest in 31 years - and polls show that re-election chances for President Alberto Fernández, despite a vigorous recovery from the inherited "Macrisis" as well as the pandemic, are suffering as a result.