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Argentina started 2024 with the highest inflation in the world, above Lebanon and Venezuela - Infobae
Source:
www.infobae.com
February 23, 2024
The index of the Middle Eastern country was released, second in the global ranking above the nation governed by Maduro; What happened in developed countries, in the rest of Latin America and how the year will end
By Martin Kanenguiser
Lebanon recorded the second highest annual inflation in the world in January
Argentina registered the highest year-on-year inflation in the world in January, ahead of Lebanon and Venezuela. The aggravating factor is that, while in Argentina the annual price trend is upward, in the other two it shows the opposite direction.
The Indec registered an inflation of 254% last year, compared to 177% in the complicated Middle Eastern country and the 121% registered in Venezuela by the Venezuelan Observatory of Finance (OVF). Furthermore, Argentina surpassed the other two countries on a monthly basis: 20%, compared to 4.2% for Venezuela and 2.87% for Lebanon. In fact, on a monthly basis, it also recorded the highest inflation on the planet.
According to the OVF, “interannual inflation, that is, the increase in prices during the last twelve months, reached an alarming 121%, in line with the figure from the Economic Expectations Survey. These figures reflect the persistence of inflation in Venezuela and the difficulties of reducing it in a sustained manner.” Meanwhile, the central bank of the Nicolás Maduro regime reported 107% in the last year.
As for Lebanon, the price variation was 2.87% in January. In this way, annual inflation was 177.25%, compared to 2,217.99 in January of the previous year. “All components of the index experienced a sharp rise in their respective prices due to the sharp depreciation of the Lebanese pound,” warned the Credit Libanais bank.
By the end of this year, the consulting firms included in the Latin American Consensus Forecast predict an increase of 217% for Argentina and 120% for Venezuela. In this way, as happened in 2023, Argentina would once again close the year as the country with the largest price increase in the world
According to the Latinfocus report “inflation will reach 296.9%; This year, inflation will rise due to the elimination of price controls and the reduction of the gap between the official and parallel exchange rates. “Fiscal adjustment, the growth of the monetary mass and changes in the exchange rate regime are the key factors to monitor.”
For the Market Expectations Survey (REM) published by the Central Bank, the consultants “estimated a monthly inflation of 18% and for the year of 227% y/y (-0.2 pp and +14.0 pp in relation to the previous survey, respectively). Those who best predicted this variable in the past (Top-10) expected inflation of 21.3% for January, 16.5% for February and 207.4% y/y for 2024."
In fourth place, far away, in January was Turkey with 65% last year and Zimbabwe fifth with 35%, although in the case of the African country there are some questions because a year ago it decided to measure its price basket in dollars.
In Latin America, Argentina surpassed the rest of the countries in January, both monthly and annually: 20% of the Indec quintupled the 4% of Venezuela registered by the OVF; the central bank reported 1.7%. Meanwhile, Uruguay registered a monthly inflation of 1.5% and an annual price increase of 5.1% last year; in Paraguay the price increase last month was 0.9% and 3.4% in 12 months; in Brazil 0.4% and 4.5%; in Mexico 0.8% and 4.8%; in Chile 0.7% and 3.8%; in Colombia 0.9% and 8.3%, Bolivia 0.08% and 1.8% and, below all, Ecuador with 0.1% and 1.3%.
Source:
La Argentina arrancó 2024 con la inflación más alta del mundo, por encima del Líbano y Venezuela
Se dio a conocer el índice del país de Medio Oriente, segundo en el ranking global por encima de la nación gobernada por Maduro; qué pasó en los países desarrollados, en el resto de América latina y cómo terminará el año
www.infobae.com
February 23, 2024
The index of the Middle Eastern country was released, second in the global ranking above the nation governed by Maduro; What happened in developed countries, in the rest of Latin America and how the year will end
By Martin Kanenguiser
Lebanon recorded the second highest annual inflation in the world in January
Argentina registered the highest year-on-year inflation in the world in January, ahead of Lebanon and Venezuela. The aggravating factor is that, while in Argentina the annual price trend is upward, in the other two it shows the opposite direction.
The Indec registered an inflation of 254% last year, compared to 177% in the complicated Middle Eastern country and the 121% registered in Venezuela by the Venezuelan Observatory of Finance (OVF). Furthermore, Argentina surpassed the other two countries on a monthly basis: 20%, compared to 4.2% for Venezuela and 2.87% for Lebanon. In fact, on a monthly basis, it also recorded the highest inflation on the planet.
According to the OVF, “interannual inflation, that is, the increase in prices during the last twelve months, reached an alarming 121%, in line with the figure from the Economic Expectations Survey. These figures reflect the persistence of inflation in Venezuela and the difficulties of reducing it in a sustained manner.” Meanwhile, the central bank of the Nicolás Maduro regime reported 107% in the last year.
Los países con más inflación del mundo
El top cinco de economías con mayor variación interanual de sus índices de precios
Datos a enero 2024. En %As for Lebanon, the price variation was 2.87% in January. In this way, annual inflation was 177.25%, compared to 2,217.99 in January of the previous year. “All components of the index experienced a sharp rise in their respective prices due to the sharp depreciation of the Lebanese pound,” warned the Credit Libanais bank.
By the end of this year, the consulting firms included in the Latin American Consensus Forecast predict an increase of 217% for Argentina and 120% for Venezuela. In this way, as happened in 2023, Argentina would once again close the year as the country with the largest price increase in the world
According to the Latinfocus report “inflation will reach 296.9%; This year, inflation will rise due to the elimination of price controls and the reduction of the gap between the official and parallel exchange rates. “Fiscal adjustment, the growth of the monetary mass and changes in the exchange rate regime are the key factors to monitor.”
For the Market Expectations Survey (REM) published by the Central Bank, the consultants “estimated a monthly inflation of 18% and for the year of 227% y/y (-0.2 pp and +14.0 pp in relation to the previous survey, respectively). Those who best predicted this variable in the past (Top-10) expected inflation of 21.3% for January, 16.5% for February and 207.4% y/y for 2024."
In fourth place, far away, in January was Turkey with 65% last year and Zimbabwe fifth with 35%, although in the case of the African country there are some questions because a year ago it decided to measure its price basket in dollars.
The other countries
Among the most developed countries, the highest annual inflation was recorded in Great Britain and France in January, at 4%, followed by the United States at 3.1%, Canada and Germany at 2.9%, and Italy at 0. 8%; It remains to know the data for Japan, which ended last year with 2.6%.In Latin America, Argentina surpassed the rest of the countries in January, both monthly and annually: 20% of the Indec quintupled the 4% of Venezuela registered by the OVF; the central bank reported 1.7%. Meanwhile, Uruguay registered a monthly inflation of 1.5% and an annual price increase of 5.1% last year; in Paraguay the price increase last month was 0.9% and 3.4% in 12 months; in Brazil 0.4% and 4.5%; in Mexico 0.8% and 4.8%; in Chile 0.7% and 3.8%; in Colombia 0.9% and 8.3%, Bolivia 0.08% and 1.8% and, below all, Ecuador with 0.1% and 1.3%.
