Economics
Argentina Hikes Rates After Prices Surge Past Expectations
- Consumer prices rose 3.8% in October; 37.2% from year earlier
- Argentina’s central bank raised benchmark Leliq rate to 38%
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Argentina hiked interest rates Thursday after an October inflation report showed consumer prices surged at the fastest pace this year.
Central bank board members raised the benchmark Leliq rate to 38% from 36%, along with increases in repo rates and retail certificate deposits, according to a spokesman. The move came minutes after government authorities reported October inflation at 3.8% compared to the previous month, exceeding economists’ median estimate for a 3.1% jump.