Weekly Report - 19 May 2022 (WR-22-20)

ARGENTINA | Unbridled inflation. Inflation continues to gallop at a daunting pace in Argentina. The consumer price index (CPI) increased by 6% in April, the national statistics institute (Indec) revealed on 12 May. April’s figure adds a further 2.9 percentage points to annualised inflation, which now stands at as much as 58%, its highest level since 1992 under the government of Carlos Menem (1989-1999). The target range of 38%-48% set by the International Monetary Fund (IMF) for inflation in 2022 now looks like a pipe dream.

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