Inflation in Argentina jumps to record 92.4% in November

By Ovunc Kutlu

ISTANBUL (AA) - Annual consumer inflation in Argentina jumped to a record 92.4% in November, according to data released by the national statistics agency.

The annual gain was an uptick from October's 88% increase, according to the figures released by INDEC late on Thursday, while consumer prices in September had risen 61.8% year-on-year.

The figure was lower than the market estimate for a gain of 94.2%.

On a monthly basis, however, consumer inflation rose 4.9% in November, marking its slowest monthly increase in nine months.

While the monthly figure also came lower than the market expectation of 5.9%, it rose 6.3% in October.

Argentina's Central Bank increased its benchmark interest rate on Sept. 15 by a whopping 550 basis points to 75% to fight the climbing inflation.

The South American economy expanded 1.7% in the third quarter of the year from the previous quarter, while it grew 5.9% from the same period of last year, according to INDEC.