LatinNews Daily - 15 May 2023

In brief: Inflation continues to accelerate in Argentina

* Argentina’s national statistics institute (Indec) has announced that inflation continued to climb rapidly in April, reaching a monthly rate of 8.4% and an annual rate of 108.8%. This was up from a monthly rate of 7.7% and an annual rate of 104.3% in March. In response, the central bank (BCRA) is reportedly planning to raise the benchmark interest rate by 600 basis points to 97% later today (15 May), with policy announcements also expected from Economy Minister Sergio Massa. Monthly inflation in April was driven by price increases for clothing and footwear (+10.8%), food and non-alcoholic drinks (+10.1%), restaurants and hotels (+9.9%), and domestic goods (+8.6%).

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