Argentina Records 98.8 Percent Inflation in January

The sectors with the highest price variations in January were recreation and culture (9 percent), communication (8 percent), housing, water, gas, electricity and other fuels (8 percent), food (6.8 percent), miscellaneous goods and services (6.8 percent), and restaurants and hotels (6.2 percent), according to INDEC data.

In addition, transportation (5.9 percent), home equipment and maintenance (5.4 percent), and health (4.9 percent) also reported strong monthly hikes.

In the last 12 months, data-x-items with the highest increases were clothing and footwear (120.6 percent), restaurants and hotels (109.9 percent), miscellaneous goods and services (102.6 percent), and home equipment and maintenance (101.2 percent).

Meanwhile, food rose 98.4 percent, health 92.3 percent, transportation 92 percent, and housing, water, gas, electricity and other fuels 91.5 percent, according to INDEC.

In view of Argentina's high inflation, the government has implemented a comprehensive price control program to guarantee a moderate rate of increase in the value of basic goods and services.

According to a market study released in early February by the Central Bank of Argentina, private analysts forecast that inflation in the country will reach 97.6 percent in 2023.

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