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Argentina inflation hit 27-year high in 2018

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Argentina inflation hit 27-year high in 2018

Argentina's inflation rate hit its highest level in nearly three decades in 2018, data from the country's statistics bureau showed.

INDEC, the national statistics agency, said that the country's consumer price index rose 2.6% in December 2018 alone, bringing the annual pace of inflation to a 27-year high of 47.6%.

The most substantial increases for the year came from transportation, up 66.8%; food and drink, up 51.2%; and telecommunications, up 55.3%. The costs of housing and utilities also rose by between 40% and 50%.

The December data caps a turbulent year for Argentina, which suffered a currency and inflationary crisis that forced the central bank to dramatically lift its benchmark monetary policy rate and enact a series of emergency measures, while pushing the government to seek a multibillion-dollar bailout from the International Monetary Fund.

The country entered into a technical recession in the third quarter of the year.