Argentina has become the world leader in inflation
Economy
The devaluation of the peso has led to a dramatic acceleration in annual inflation, rising 211%.
Argentina has overtaken Venezuela to become the world's top inflation leader by the end of 2023, according to the national statistics offices of 193 UN member states. The devaluation of the peso led to a sharp acceleration in Argentina's annual inflation rate from 161 per cent in November to 211 per cent by the end of the year, surpassing the 91 per cent rate for 2022.
Among the countries with the highest inflation rates, Argentina surpassed Lebanon, where the inflation rate rose from 122% to 192%, and former leader Venezuela, where price growth slowed from 234% to 190%. Also in the ranking are Türkiye (65 per cent) and Sierra Leone (52 per cent) with lower inflation rates.
Argentina's newly elected President Javier Millay plans to fulfil his election promises and make changes to the country's economy. He has signed a special decree to launch more than 300 reforms aimed at liberalising the economy.
Among the countries with the highest inflation rates, Argentina surpassed Lebanon, where the inflation rate rose from 122% to 192%, and former leader Venezuela, where price growth slowed from 234% to 190%. Also in the ranking are Türkiye (65 per cent) and Sierra Leone (52 per cent) with lower inflation rates.
Argentina's newly elected President Javier Millay plans to fulfil his election promises and make changes to the country's economy. He has signed a special decree to launch more than 300 reforms aimed at liberalising the economy.
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