Argentina's inflation soars to new record of 160.9% in November

By Ovunc Kutlu

ISTANBUL (AA) - Annual consumer inflation in Argentina soared to a new record high of 160.9% in November, according to data released Wednesday by the country's national statistics agency.

The figure came in higher than the market expectation of 158.5%.

The annual gain was an increase from 142.7% in October and 138% in September -- the highest levels for the South American country since the early 1990s.

On a monthly basis, consumer inflation rose 12.8% in November and recorded its largest monthly increase in 2023, according to the figures released by state statistics authority INDEC.

That figure also came in higher than the market expectation of 11.8%, following a monthly gain of 8.3% in October.

Argentina's central bank in October raised its benchmark interest rate to 133% from 118% -- the sixth rate hike this year.