Argentina’s annual inflation could reach 100.3% this year, according to a survey of analysts published by the country’s central bank on Thursday, jumping 5.3 percentage points from the previous estimate.
The forecast in the Market Expectations Survey comes amid a protracted financial and social crisis in Latin America’s third-largest economy.
Monthly inflation for September is expected to reach 6.7%, slightly below the 7% recorded in August, according to the median of estimates.
For 2023, the expectation is that inflation will reach 90.5%, also above the previous estimate of 84.1%.
The Argentine government declared in its budget proposal that inflation will be at 60% next year.
Argentina’s deep economic recession took thousands of people to the streets last week, with protesters demanding action to combat skyrocketing inflation and help the country’s poor.
The poverty rate in Argentina dropped slightly to 36.5% in the first half of this year from 37.3% during the second half of 2021, according to official data.
Analysts slightly raised their 2022 economic growth forecast in the South American country from 3.6% to 4.1%.
The survey was conducted between September 28 and 30 with 39 participants.
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