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Economics

Argentina’s Inflation Surges Past 70% on Political Turmoil

  • Annual inflation hit highest in about 30 years in July
  • Political instability triggers peso depreciation, price jump
Shoppers purchase groceries at a market hosted by the Union of Popular Economic Workers to help those in need, in front of the National Congress building in Buenos Aires on July 14.

Shoppers purchase groceries at a market hosted by the Union of Popular Economic Workers to help those in need, in front of the National Congress building in Buenos Aires on July 14.

Photographer: Anita Pouchard Serra/Bloomberg
Updated on

Argentina’s annual inflation surged past 70% last month, one of the fastest rates in the world, after renewed political turmoil fueled price spikes and a currency rout.

Consumer prices rose 71% in July from a year ago, the highest level in about 30 years, according to government data published Thursday. On a monthly basis, the inflation rate spiked to 7.4%, accelerating at the fastest pace in two decades and slightly above economists’ average expectations for 7.3%.