Inflation in Argentina Accelerated Due to Poor Soybean and Corn Harvests

Inflation in Argentina accelerated because of the poor soybean and corn harvest, so the prices of many food products increased and the peso fell against the U.S. dollar. Since the beginning of the year, the Argentine currency
has fallen 24 percent against the dollar. Analysts, therefore, expected the Central Bank to raise the discount rate.

Argentina’s central bank announced it was raising its base discount rate by 3 percentage points to 81%.

According to the article, the central bank raised the rate as part of its fight against inflation. In March this year, prices in the country increased by 104.3% compared to the same period last year and by 7.7% compared to February 2023.

Argentina now has the second-highest discount rate in the world. In first place with 95% is Zimbabwe, in third place is Venezuela with 36%.

Source: Oleoscope

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