Central Banks
Argentina Central Bank Hikes Rate to 133% on Inflation Data
- Central bank raised its benchmark rate for sixth time in 2023
- Government struggling to cool inflation, which surpassed 138%
A person stands in front of Argentina's Central Bank in Buenos Aires.
Photographer: Luis Robayo/AFP/Getty ImagesThis article is for subscribers only.
Argentina’s central bank sharply raised its key rate Thursday for the sixth time this year in an effort to contain inflation as price gains continue accelerating above 100% before a presidential election.
The monetary authority raised its key rate 15 percentage points to 133%, according to a statement. The move came after September inflation data published Thursday showing prices rose 138.3% from a year ago, the fastest pace since the early 1990s when Argentina was exiting hyperinflation. It also comes after officials hiked rates 21 percentage points in August.