Argentina introduces larger bank note amid galloping inflation
1 year, 7 months ago

Argentina introduces larger bank note amid galloping inflation

Associated Press  

BUENOS AIRES, Argentina — Argentina has put a new 2,000-peso bill into circulation as the country endures one of the world’s highest inflation rates that has decimated the value of the local currency. The new bank note is worth double the previous highest bill in circulation, but is still worth only $8.21 at the official exchange rate and $4.08 at black-market rates. The Central Bank said in a news release that while the process of digitizing payments is advancing, the 2,000-peso bill will “improve the functioning of ATMs and, at the same time, optimize the transport of cash.” The new bill pays homage to the country’s public health system and features the portraits of doctors Cecilia Grierson, the country’s first female doctor, and Ramón Carrillo, the first health minister. Consumer prices rose 8.4% in April compared to the previous month, with inflation reaching 32% in the first four months of the year, according to the state-run INDEC statistics agency Economic consultancies expect May inflation to be even higher and estimate an inflation rate of at least 130% for the year.

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Argentina’s inflation edges up in June, breaking a months-long streak in a blow to President Milei
5 months, 1 week ago

Argentina’s inflation edges up in June, breaking a months-long streak in a blow to President Milei

Associated Press  

BUENOS AIRES, Argentina — A closely watched measure of inflation in Argentina was stronger than the libertarian government of President Javier Milei would have hoped on Friday, as the official statistics agency reported prices edging up in June and breaking a months-long streak of declines. President Milei has touted the falling prices over recent months as a victory in his …

Argentina reports its first single-digit inflation in 6 months as markets swoon and costs hit home
7 months, 1 week ago

Argentina reports its first single-digit inflation in 6 months as markets swoon and costs hit home

Associated Press  

BUENOS AIRES, Argentina — Argentina’s monthly inflation rate eased sharply to a single-digit rate in April for the first time in half a year, data released Tuesday showed, a closely watched indicator that bolsters President Javier Milei’s severe austerity program aimed at fixing the country’s troubled economy. Prices rose at a rate of 8.8% last month, the Argentine government statistics …

With inflation soaring, Argentina will start printing 10,000 peso notes
7 months, 2 weeks ago

With inflation soaring, Argentina will start printing 10,000 peso notes

Associated Press  

BUENOS AIRES, Argentina — Prices in Argentina have surged so dramatically in recent months that the government has multiplied the size of its biggest bank note in circulation by five — to 10,000 pesos, worth about $10. The new denomination note — five times the value of the previous biggest bill — is expected to hit the streets next month …

With inflation soaring, Argentina will start printing 10,000-peso notes
7 months, 2 weeks ago

With inflation soaring, Argentina will start printing 10,000-peso notes

LA Times  

A worker counts money at a grocery store in Buenos Aires. Even as annual inflation remains high, Milei cites a gradual slowdown in Argentina’s monthly inflation rate since December to insist his plan is working. Confident that consumer prices can continue creeping downward, policymakers lowered the central bank’s key interest rate three times last month. The new 10,000-peso notes feature …

Argentina’s annual inflation soars to 211.4%, the highest in 32 years
11 months, 1 week ago

Argentina’s annual inflation soars to 211.4%, the highest in 32 years

LA Times  

A vendor arranges vegetables at a market on the outskirts of Buenos Aires on Wednesday. Argentina’s annual inflation soared to 211.4% in 2023, the highest rate in 32 years, according to figures released Thursday by the government’s INDEC statistics agency. The data reflect the strong impact of a series of shock measures, including a 50% devaluation of the nation’s currency, …

Argentina’s annual inflation soars to 211.4%, the highest in 32 years
11 months, 1 week ago

Argentina’s annual inflation soars to 211.4%, the highest in 32 years

Associated Press  

BUENOS AIRES, Argentina — Argentina’s annual inflation soared to 211.4% in 2023, the highest rate in 32 years, according to figures released Thursday by the government’s INDEC statistics agency. Milei had said in an interview with a Buenos Aires radio station before the figures were released that if the monthly inflation rate came in below the forecast, that would be …

Argentina Sharply Devalues its Peso Currency to Tame Inflation
1 year ago

Argentina Sharply Devalues its Peso Currency to Tame Inflation

Live Mint  

Argentina will devalue its peso currency and slash public spending to reduce the fiscal deficit in a bid to revive the economy and tame triple-digit inflation, the top economic official in President Javier Milei’s new government said Tuesday. Economy Minister Luis Caputo, unveiling the first economic measures since Milei’s inauguration as president Sunday, said the peso’s official exchange rate will …

Argentina weakens peso currency by 50% as part of shock economic measures
1 year ago

Argentina weakens peso currency by 50% as part of shock economic measures

Live Mint  

Argentina's newly formed government has weakened its peso currency. President Javier Milei, who has been sworn in as president of the second largest economy in South America devalued the peso over 50% to 800 per dollar as part of shock measures, needed to to deal with an economic emergency. Argentina economy minister Luis Caputo said the Argentine peso will be …

Argentina sharply devalues its currency and cuts subsidies as part of shock economic measures
1 year ago

Argentina sharply devalues its currency and cuts subsidies as part of shock economic measures

Associated Press  

BUENOS AIRES, Argentina — Argentina on Tuesday announced a sharp devaluation of its currency and cuts to energy and transportation subsidies as part of shock measures new President Javier Milei says are needed to deal with an economic emergency. “For a few months, we’re going to be worse than before,” Caputo said, two days after the libertarian Milei was sworn …

For Argentina, Dollarization May Work Better on YouTube Than in Reality
1 year, 1 month ago

For Argentina, Dollarization May Work Better on YouTube Than in Reality

Live Mint  

Argentina’s anarcho-capitalist president-elect is right that the country desperately needs dollars. Argentina’s Congress may end up watering down Milei’s policies to look more like those of pro-market leader Mauricio Macri between 2015 and 2019. Macri’s support after the first round of the elections was key to getting Milei elected, and the former president will presumably push to have his people …

Argentina braces for election with economy in 'intensive care'
1 year, 2 months ago

Argentina braces for election with economy in 'intensive care'

Firstpost  

Argentina’s inflation rate hit 138% annually in September and is still rising, with prices climbing above 12% the two most recent months. “The main challenge is to get Argentina out of stagnation, but to do that you have to lower inflation.” INFLATION Argentina’s inflation rate hit 138% annually in September and is still rising, with prices climbing above 12% the …

Artists paint pesos to illustrate Argentina's currency and inflation woes
1 year, 3 months ago

Artists paint pesos to illustrate Argentina's currency and inflation woes

Hindustan Times  

A jaguar lies beside George Washington. Artists paint pesos to illustrate Argentina's currency and inflation woes The backdrop is a US dollar and an Argentine 500-peso note joined like a book, a clear allusion to the rapid depreciation of the local currency, the peso. Artist Sergio Díaz and other Argentine artists' Money Art movement uses moderately priced brushes and acrylics …

Argentine inflation keeps soaring, putting the government on the defensive as elections near
1 year, 3 months ago

Argentine inflation keeps soaring, putting the government on the defensive as elections near

Associated Press  

BUENOS AIRES, Argentina — Consumer prices in Argentina soared 12.4% in August, compared to the previous month, the highest rate since February 1991, a number that puts the government on the defensive a little more than a month before presidential elections in which a right-wing populist who admires Donald Trump appears the favorite to win. Argentina’s annual inflation rate rose …

Inflation continues to climb in Argentina as presidential election nears
1 year, 3 months ago

Inflation continues to climb in Argentina as presidential election nears

Al Jazeera  

Consumer prices in Argentina soared 12.4 percent in August compared with the previous month, the highest rate since February 1991 — a high-water mark that could influence the country’s upcoming presidential race. But Javier Milei — a self-described “anarcho-capitalist” and a right-wing populist who shook up Argentina’s political system by receiving the most votes in last month’s national primaries — …

Inflation in Argentina leaves families struggling to feed themselves
1 year, 7 months ago

Inflation in Argentina leaves families struggling to feed themselves

Associated Press  

BUENOS AIRES, Argentina — Gimena Páez could barely pay her bills. On Friday, Argentina’s state-run INDEC statistics agency said that the inflation in food prices over the 12 months ending in April was 115%. “The rope is very, very tight.” Consumer prices in Argentina soared 8.4% in April from the previous month, while food prices increased 10.1%, the INDEC said …

Inflation in Argentina leaves families struggling to feed themselves
1 year, 7 months ago

Inflation in Argentina leaves families struggling to feed themselves

LA Times  

A photo of Pope Francis hangs beside a sign that reads, “With debit card 7%, with credit 12% increase,” at a produce market in Buenos Aires. On Friday, Argentina’s state-run INDEC statistics agency said that the inflation in food prices over the 12 months ending in April was 115%. “The rope is very, very tight.” Consumer prices in Argentina soared …

Food or medicine? Inflation squeezing retirees in Argentina
1 year, 8 months ago

Food or medicine? Inflation squeezing retirees in Argentina

Associated Press  

BUENOS AIRES, Argentina — With trembling hands, the bingo players at a Buenos Aires retirement center put the buttons they use as markers on their cards. She added quietly: “I did something I’d never done in my life: I asked for free medicine … nothing else can be done.” Monthly inflation was 7.7% in March, up from 6.5% in the …

Argentinians buckle under 104.3 percent inflation
1 year, 8 months ago

Argentinians buckle under 104.3 percent inflation

Al Jazeera  

One of the highest rates in the world is straining wallets and putting pressure on the government ahead of the October elections. Argentina’s annual inflation rate soared to 104.3 percent in March, the official statistics agency has said, one of the highest rates in the world, straining people’s wallets and stoking a cost-of-living crisis that has pushed up poverty. The …

Inflation over 100%? It’s the reality in Argentina, where daily life is a struggle
1 year, 9 months ago

Inflation over 100%? It’s the reality in Argentina, where daily life is a struggle

LA Times  

A woman working for the Argentine social movement Dignity serves a customer at a table offering food staples at lower prices than those in supermarkets. Fernández, 31, is among millions of Argentines struggling to make ends meet as the country’s annual inflation rate clocked in at 102.5% in February, the first time it has reached triple digits since 1991. In …

Argentines struggle to make ends meet amid 100% inflation
1 year, 9 months ago

Argentines struggle to make ends meet amid 100% inflation

Associated Press  

BUENOS AIRES, Argentina — Jesica Fernández used to join seven family members every weekend for a large beef barbeque. In reality, you can’t give yourself the luxuries that you could before,” Fernández said, The country’s Indec statistics agency said this week that consumer prices increased 6.6% in February from the previous month, a higher number than expected, on top of …

Inflation in Argentina surges past 100 percent in historic spike
1 year, 9 months ago

Inflation in Argentina surges past 100 percent in historic spike

Al Jazeera  

The country’s inflation has not surpassed 100 percent in over three decades, as value of Argentina’s currency plummets. Inflation in the South American country of Argentina has risen past 100 percent for the first time since 1991, according to the government’s latest consumer price index. The National Institute of Statistics and Census released its February report on Tuesday, pinpointing Argentina’s …

Argentina introduces better exchange rate for tourists that will help holiday money go further
2 years, 1 month ago

Argentina introduces better exchange rate for tourists that will help holiday money go further

The Independent  

Sign up to Simon Calder’s free travel email for expert advice and money-saving discounts Get Simon Calder’s Travel email Get Simon Calder’s Travel email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Argentina’s government has introduced a new regulation for exchange rates, meaning tourists using credit and debit …

Inflation is a global problem. Here’s how central banks are addressing it
2 years, 3 months ago

Inflation is a global problem. Here’s how central banks are addressing it

CNN  

New York CNN Business — Just like misery, inflation loves company. United States Federal Reserve Current annual consumer inflation rate: 8.3% Benchmark interest rate: 2.25-2.5% Last rate hike: 75 basis points in July Start of hiking cycle: March 2022 The Federal Reserve is the most important central bank in the world — the US dollar has been the world’s primary …

Bartering increases in Argentina as inflation keeps soaring
2 years, 4 months ago

Bartering increases in Argentina as inflation keeps soaring

Associated Press  

BUENOS AIRES, Argentina — Argentina reported a monthly inflation rate of 7.4% in July, the highest number in two decades for a country where citizens are used to increasing prices. At a time when many people around the world are trying to deal with rapidly rising prices, these latest numbers cemented Argentina’s position among countries with the highest inflation rates …

Argentina hikes rate to 69.5% as inflation surges to 30-year high
2 years, 4 months ago

Argentina hikes rate to 69.5% as inflation surges to 30-year high

Al Jazeera  

Argentina’s inflation woes and political upheaval got only worse in July, when then-Economy Minister Martin Guzman abruptly resigned. Argentina’s annual inflation surged past 70% last month, one of the fastest rates in the world, after renewed political turmoil fueled price spikes and a currency rout. Galloping prices pushed Argentina’s central bank to life rates earlier in the day by the …

Argentina’s new economic minister promises to stop printing money
2 years, 4 months ago

Argentina’s new economic minister promises to stop printing money

Al Jazeera  

Printing money fuels inflation which is now over 60 percent in Argentina and expected to reach 90 percent by year end. Argentina’s new Economy Minister Sergio Massa pledged Wednesday night to stop printing money that helps fuel runaway inflation, outlining his strategy to turn around the country’s deepening crisis. ‘Technical Aspects’ Although light on specifics, Massa committed to meeting the …

As inflation in Argentina skyrockets, everyone is poorer
2 years, 4 months ago

As inflation in Argentina skyrockets, everyone is poorer

Al Jazeera  

Buenos Aires, Argentina — After Ivana Roa lost her job a few years ago as a manager at an energy company, she went back to school to study law and economics with the aim of building a new career and income. “Imagine how sad that is — that in a country with good public education, and a free health care …

Venezuela introduces new currency, drops six zeros
3 years, 2 months ago

Venezuela introduces new currency, drops six zeros

Al Jazeera  

Venezuela has for years seen some of the world’s worst inflation, complicating cash transactions amid economic crisis. Venezuela is set to debut a new currency that will feature six fewer zeros, a response to years of some world’s worst inflation. Upon announcing the currency change in September, Venezuela’s central bank said the bolivar “will not be worth more or less; …

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