Inflation August 2022: Argentina go head-to-head with Turkey for worst G20 data

This Wednesday, when inflation data for Argentina is revealed in August 2022, which private estimates lie between 6.5% and 7%, it will be known whether the country holds the 1st or 2nd place in the ranking of the worst results of the G20 on this variable that worries all the countries of the world.

Among the Group of 20 economies, in July there were 7 countries with double-digit inflation rates. But while Russia (15.1%), Spain (10.8%), the Netherlands (10.3%), the United Kingdom (10.1%) and Brazil (10.07%) move at the same level, two nations stood out: Argentina (71%) and Turkey (79.6%).

In Augustthe number of countries exceeding 10% has been reduced to five: Russia (14.3%), the Netherlands (12%), Spain (10.5%), Turkey (80.21%) and Argentina, whose year-over-year price increases could reach 75%.

Therefore, the country would have the second highest inflation increase in the G20.

Looking ahead, the Turkish government earlier this month raised its full-year forecast to 65%, which many economists see as the best-case scenario, while economists interviewed by Argentina’s central bank expect a reading for the end. of the year 95%.

Some even predict that the CPI could reach 100% this year. According to the monthly survey carried out by the Central Bank among consultants, those who best predict this variable for the short term expect an average inflation of 99.4% in the year-on-year change in August, or 4.7 points more than in August. the July investigation

Although inflation may drop from 7.4% in July in August, consumer product prices are accelerating. According to private surveys, 7 out of 10 mass consumer items have risen in the past four weeks.

Moreover, in the last fortnight of August almost 60% of prices showed increases of more than 7%, something that It had never happened in previous years, according to a report by Ecolatina.

At a time when the Minister of Economy Sergio Massa refines the numbers of the budget that he will present on Thursday (there is talk that he could set an inflation forecast at 50% for 2023), among economists they see the CPI 2023 at 84.1 % year-on-year and 63.1% by 2024.

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