With the confirmation of the December data, released on Thursday by the National Institute of Statistics and Censuses (INDEC), Argentina closed the year with a price index of 94.8%., and thus remained with the fourth highest inflation in the world in 2022, and the second. by far, in Latin America.
According to the independent measurement of the Venezuelan Financial Observatory (OVF), globally, local inflation has lagged behind Venezuela, with 305%; Of Zimbabwe, with 244%; Y Lebanonwith 142%.
However, if you consider how only Latin American countries have fared, Argentina won the dismal second place. The first place was from Venezuela.
In the rest of the region, in third place, far behind Argentina, Colombia, with 13.1%. Followed by Chile, which with 12.8% is in fourth place, and Peru, with 8.4%, in fifth place.
Even lower, they were Paraguay with 8.2%in the sixth and seventh Uruguay with 8.1%. Eighth, Mexico with 7.8%, and ninth, Brazil with 5.7%. Finally, Bolivia and Ecuador with 3.1%, each, in 2022.
Among the more developed countries, which meet in the G-7, Italy registers 11.6% in 2022, Germany 8.7%Y United States 6.5%. They are even lower: France, with 5.9% and Japan, with 4%, the lowest of the group even if for the country it was the highest record in the last four decades. Since December data is not yet known, it should be noted that up to November Great Britain recorded annual inflation of 10.7% and Canada of 6.8%.
The euro area, for its part, closed with inflation of 9.2%, based on the reduction in fuel prices ten months after the Russian invasion of Ukraine; in particular, the countries of Eastern Europe once again recorded the highest increases, with Hungary with 22.5%, Estonia with 17.6% and Bulgaria with 16.9%. while Belgium registers 10.4%, Holland 9.6%, Spain 5.8%, Denmark 8.7%, Norway 5.9% and Switzerland 2.8%, among the others.
Countries with external or internal conflicts have lower inflation rates than Argentina: Syria recorded 55%, Ethiopia 35%, Ukraine 26% and Myanmar 19%, among others.
In Africa, Nigeria reached 21% last year, Ghana 16%, Uganda 10%, Kenya 9% and Morocco 8.4%, while in Asia Pakistan reached 24%. % and, instead, Korea recorded 3%.
The issue of inflation is a global concern, and this is made clear by the World Bank’s latest World Economic Outlook report, released this week. “Global growth is slowing sharply due to high inflation, the increase in interest rates, the reduction of investments and the turmoil caused by the Russian invasion of Ukraine”.
In the specific case of Argentina, the international organization estimates growth of 2% in 2023, affected by high inflation.
“Given the fragile economic situation, any new adverse event, such as higher than expected inflation, sudden increases in interest rates to contain inflation, a resurgence of the COVID-19 pandemic or the escalation of geopolitical tensions— could push the world economy into recession”, said the body chaired by David Malpass. And I add: “It would be the first time in more than 80 years that two global recessions have occurred in the same decade. The world economy is expected to grow by 1.7% in 2023 and by 2.7% in 2024″.
What happened to local inflation
Argentina’s inflation in December, the last measurement of 2022, was 5.1%, according to the consumer price index (CPI). By this way, the figure accumulated in the last twelve months is 94.8%.
With the inflation numbers for the last month of the year on the tableFinally, 2022 remained with the highest rate in 32 years. The slowdown in recent months has prevented the 100% barrier from being breached, but it far exceeded 83% in 1991launch year of Convertibility.
The highest inflation of the year and of the entire administration of Alberto Fernández it is still that of July, when it reached 7.4%.
Inflation data for 2022 virtually doubles 2021 result of 50.9%. This acceleration in prices occurred in a context of lagging exchange rates – both the official and alternative dollars rose by about 70% -, a correction in rates of about 55% and wage increases of 80% on average until to last October.
Throughout 2022, the item that increased the most was clothing and footwear with 120.8%, followed by Restaurants and Hotels with 108.8%. Various goods and services complete the podium with 97.8%, followed by household appliances with 97.2%. Food has increased by 95%.
In the data corresponding to December, the sector that has undergone the greatest increase It was Restaurants and Hotels (7.2%), ahead of Alcoholic Beverages and Tobacco (7.1%). This time, food increased by 4.7% and clothing by 4%.
NS
Source: Clarin
