Inflation in Argentina hit 6.5% in September, bringing the rate through the first nine months of 2018 to 32.4%, according to data from statistics agency Indec.

With the September increase, the Latin American country's inflation rate for the last 12 months now stands at 40.5%.

The current inflation is far above Banco Central de la República Argentina's original 15% goal for 2018, after months of severe financial instability and the collapse of the currency saw the International Monetary Fund rescue the country with a bailout package and Argentina's GDP contract.

New central bank boss Guido Sandleris in September vowed to combat inflation with a strict containment of the monetary base, aiming for a monthly average of zero growth of pesos in circulation between October 2018 and June 2019. Meanwhile, the central bank is conducting its monetary policy through its Leliq notes, resulting in a de facto benchmark rate of 72.66% as of Oct. 17.