MOSCOW (Pakistan Point News / Sputnik - 13th January, 2023) Consumer prices in Argentina increased by 94.8% in 2022 year-on-year � one of the highest rates among the Latin American countries, the Argentine National Institute of Statistics and Censuses said.
"The general level of the consumer price index registered a monthly rise of 5.1% in December 2022, and amassed an increase of 94.8% in the 12 months of 2022," the institute said on Thursday.
In December, hotel and restaurant services registered the largest price increase of 7.2%, while prices on communication services rose "only" by 3.4%, showing the lowest growth, the institute added.
For comparison, in 2021, inflation in Argentina reached 50.9%.
Many countries in the world have been facing inflation as part of the post-pandemic global economic recession. The situation further exacerbated against the backdrop of the Ukraine crisis, as hostilities and Western sanctions against Russia have led to disruptions of supply chains and resulted in a spike in energy prices worldwide.
