© Reuters. A avenue meals vendor counts cash in Buenos Aires, Argentina, December 12, 2023. REUTERS/Tomas Cuesta/File Photograph
BUENOS AIRES (Reuters) – Argentina’s December inflation fee will “clearly be substantially higher than in November,” Financial system Minister Luis Caputo stated in a televised interview Wednesday, as Javier Milei’s newly elected authorities grapples with an financial system in disaster.
Month-to-month inflation within the Latin American nation hit 12.8% in November alone, the very best month-to-month determine this yr, in accordance with statistics company information launched earlier Wednesday.
On Tuesday, Caputo introduced a slate of financial measures which embody a greater than 50% devaluation of the peso’s official alternate fee and cuts to power and transportation subsidies.
Milei warned in his Sunday inauguration speech {that a} month-to-month inflation fee of 20% to 40% was anticipated from December to February.
The cuts to Argentina’s power subsidies might go into impact in February or March subsequent yr, Caputo added within the interview with native TV channel Todo Noticias.
