Argentina sees 36 percent inflation in 2020

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., as IMF Managing Director Christine Lagarde meets with Argentine Treasury Minister Nicolas Dujovne

Argentina ended 2020 with a cumulative inflation rate of 36.1 percent year on year, after registering the biggest price increases of the year in December, the National Institute of Statistics and Censuses (INDEC) reported Thursday.

The South American country, which has been in a recession since mid-2018, managed to slow down the pace of inflation after it reached 53.8 percent in 2019 and 47.6 percent in 2018, said the agency.

However, according to INDEC data, prices of food, clothing and footwear, as well as recreational activities and transportation, rose by more than 30 percent from 2019.

December saw the year’s highest monthly inflation, with a 4 percent increase in the price of goods and services.

According to Argentine financial analysts, inflation in 2020 was reined in by price containment policies applied during the novel coronavirus pandemic, so that 2021 could see prices rise even more.

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