Last month, Argentina's annual inflation hit its highest rate in more than 30 years. Official data showed that prices almost doubled versus a year ago. In December, consumer prices jumped 5.1% month-on-month, according to national statistics agency INDEC. In the twelve months through December, inflation in the country reached 94.8%.
Recently, Economy Minister Sergio Massa projected December inflation would not exceed 5%, adding that monthly increases should edge down to around 3% by April. While many economists expect monthly inflation to remain in line with December's uptick, factors outside the country's economic slump or government-set price caps continue to pose elevated risks.