Argentina’s inflation rises 6.5 percent in September

October 17, 2018

BUENOS AIRES, Argentina (AP) — Argentina says that consumer prices rose 6.5 percent in September.

That brings the 12-month nationwide inflation rate to 40.5 percent - one of the world’s highest.

The inflation rate published by the official statistics agency Wednesday follows a sharp devaluation of Argentina’s currency.

The peso has depreciated more than half this year. That led the government to seek a large financing deal with the International Monetary Fund.

The top price increases in September were in transportation, which rose 10.4 percent and shoes and clothing, up 9.8 percent. Increases to utility rates that are part of a series of austerity measures have also fueled inflation.

Economic analysts estimate that consumer prices could rise nearly 45 percent this year and forecast that the economy will go into deeper recession.