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Inflation in World: There is a country in the world where the price of everything except liquor is sky high. The inflation rate here is at 109 percent, which is much higher than the inflation of countries like Pakistan and Sri Lanka, which are on the verge of bankruptcy. During April a year ago, the inflation rate here was 108.8 percent.
According to government data, Argentina’s inflation rate has reached 109 percent this year, which has crossed the record level of three decades. Due to the record increase in the price of things in Argentina, inflation has increased so fast here. The most expensive food product in Argentina, whose price has increased by 10.1 percent from the previous month.
Record increase in everything except liquor
Here clothes, restaurants, hotels and other household items were at a high level. Thousands of rupees have to be spent to buy everything needed. Only the price of liquor has increased by less than 5 percent compared to the previous month. At the same time, there was a record increase in inflation in March as well.
Argentina’s currency depreciates
There has been a record fall in the value of peso in the country, due to which there has been a 13 percent sell-off in the market here as well. This in turn prompted some Argentine savers to withdraw more than $1 billion in deposits from the banking system last month. The volatility of the peso has led to additional price increases during April.
Talking about money with IMF
To handle Argentina’s situation, Buenos Aires officials are also negotiating with the International Monetary Fund about Argentina’s debt of $ 44 billion. That country is hopeful that it will get the loan amount soon. However, the violation of many things has also come to the fore from the side of the IMF.
fears of recession
According to Mint’s report, ahead of the presidential election in October, Argentina’s inflation crisis has increased. Economists have predicted a deep recession due to ever-increasing prices and a historic drought. The economy is expected to contract 3.1 per cent this year, according to the central bank’s latest monthly survey.
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