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ECONOMY | 13-08-2020 17:59

Inflation in Argentina reached 1.9% in July

Consumer prices rose 1.9% in July from the previous month. Inflation since the turn of the year now totals 15.8%.

Consumer prices in Argentina increased 1.9 percent in July compared to the previous month and have risen 15.8 percent since January, the INDEC national statistics bureau reported on Thursday.

Over the last 12 months, prices have increased by 42.4 percent, according to official data.

Inflation has been tampered down by price controls put in place by President Alberto Fernández's government in the wake of the coronavirus pandemic. Varying levels of lockdown adapted across the country to control the spread of the virus, most noticeably in the capital and its surroundings, where 90 percent of cases are registered, have also helped to slow price increases.

To date, close to 270,000 cases have been confirmed in Argentina, with 5,246 fatalities.

Inflation was highest in July among home equipment and maintenance (up 3.9 percent) and recreation and culture (up 0.7 percent).

In its latest survey of private economists, the Central Bank predicted that inflation could come in at 40 percent this year, with a contraction of 12 percent of gross domestic product anticipated.

– TIMES/AFP

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