BUENOS AIRES/BRASILIA, Nov 17 (NNN-Xinhua) — Argentina registered 88 percent year-on-year inflation in October, with prices rising 6.3 percent for an accumulated 76.6 percent spike in prices so far this year, the National Statistics and Census Institute (INDEC) said.
The goods and services that saw the biggest jump in price, year over year, were “clothing and footwear,” with a 121.5 percent increase; “restaurants and hotels,” with a 105.2 percent rise; and “food and non-alcoholic beverages,” with a 91.6 percent increase, the INDEC said.
“Healthcare” costs rose 78.6 percent, while “transportation” climbed 77.9 percent and “education” 76 percent.
Accumulated annual inflation (since January) saw the price of “clothing and footwear” rise 103.1 percent, followed by “restaurants and hotels” 84.6 percent, and “food and non-alcoholic beverages” 80 percent.
Over the past 12 months, prices of goods in Argentina rose 91.8 percent and those of services 78.4 percent.
Argentina’s government has said fighting inflation is one of its main economic policy goals.
According to the Central Bank of Argentina’s latest survey of market expectations, inflation could hit three digits toward the end of the current year to reach 100 percent.
BRASILIA: Brazilian financial analysts raised their inflation forecast for the end of this year from 5.63 to 5.82 percent, the third straight weekly uptick, keeping it at 4.94 percent for 2023, the Central Bank of Brazil said.
The official target of inflation is 3.5 percent at the end of 2022 and 3.25 percent next year, with a 1.5-percentage-point margin of error in both cases.
According to the bank’s weekly focus survey of the country’s leading financial institutions, experts also raised the gross domestic product growth estimate from 2.76 to 2.77 percent for 2022 and kept it at 0.70 percent for 2023.
Regarding the benchmark interest rate, currently at 13.75 percent annually, economists expect it to remain unchanged until the end of the year and then gradually decrease to close at 11.25 percent in 2023.
The market maintained its exchange rate forecast at 5.20 Brazilian reals to the U.S. dollar for both 2022 and 2023.
Meanwhile, Brazil’s trade surplus is expected to reach 55 billion U.S. dollars in 2022 and 56 billion U.S. dollars in 2023. — NNN-XINHUA
