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Argentina's inflation hits 5.9% in September, highest of the year

Argentina's monthly inflation reached 5.9% in September, a record-high for 2019, the Indec national statistics agency reported Oct. 16.

The figure shows a pickup from 4.0% posted for August and 2.2% for July. It brings accrued inflation year-to-date to 37.7%, while price increases over the 12 months leading up to September suggest annual inflation of 53.5%.

The increase in consumer prices is largely founded on significant currency depreciation following presidential primary elections held Aug. 11. The adverse result at the polls for current President Mauricio Macri triggered a financial crisis in which financial assets tumbled and the Argentine peso lost 22.7% of its value.