Argentina leader says inflation will be 30 percent in 2018

July 31, 2018

BUENOS AIRES, Argentina (AP) — Argentina’s President Mauricio Macri is acknowledging for the first time that the country’s annual inflation rate will be 30 percent.

Macri said Tuesday that the high consumer prices “unfortunately are a product of this storm.” He was referring to a sharp devaluation of Argentina’s currency and a recent run on the peso.

That led Argentina’s government to seek a financing deal with the International Monetary fund earlier this year aimed at boosting the sputtering economy as it continues to fight double-digit inflation.

Macri also advised Argentines to compare prices when they shop for groceries and other items.

Argentina has one of the world’s highest inflation rates.

Last week, the statistics agency said consumer prices rose 3.7 percent in June, bringing the 12-month nationwide inflation rate to 29.5 percent.