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Live News: ‘We have to stand behind the FAA,’ says Delta chief

Live News: ‘We have to stand behind the FAA,’ says Delta chief

Live News: ‘We have to stand behind the FAA,’ says Delta chief

A woman walks between food price signs on the streets of Buenos Aires on Thursday © Luis Robayo/AFP/Getty Images

Argentina’s annual inflation has accelerated to 95 percent, leaving the South American country among the top five countries with triple-digit global inflation.

Prices rose 5.1 percent in December, after three consecutive months of declines, and rose slightly to 94.8 percent over the 12 months, state statistics agency Indec said. This was the highest rate since 1991, when the country emerged from the hyperinflationary crisis.

The rise in prices was mainly due to the central bank’s money printing, as well as Russia’s war in Ukraine.

Argentina was among the six countries that achieved the highest rates last year, but behind Zimbabwe, Lebanon, Venezuela, Syria and Sudan, which all experienced triple-digit inflation last year.

Argentina’s Finance Minister Sergio Massa attributed December’s modest decline to a price control scheme known as Fair Prices, or Precios Justos, which temporarily froze the prices of more than 1,700 goods until December 2023. Similar price controls introduced in 2021 failed. curb inflation. The minister said that the monthly price increase may begin to decrease to 3 percent in April.

Economists expect inflation in Argentina to remain high through 2023 as the country enters a presidential election year and cast doubt on the effectiveness of the government’s latest measures.

Earlier this week, the World Bank warned that getting inflation below 90 percent in 2023 would be a challenge.

Consumer sentiment continued to deteriorate in Argentina. On the widely used parallel exchange rate, the value of the local peso has fallen to historic lows against the US dollar as investors fearing further devaluation turn their pesos into safe holdings. The peso fell to 360 against the dollar on Thursday.

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