According to data published this Thursday by National Institute of Statistics and Censuses (Indec), inflation for December registered a rise of 5.1%, while in the variation for the whole year it registered 94.8%, the highest variation in 32 years. In Argentine history, the next value that came closest to it was in 1991 when inflation registered 84% per year. In that same year, the Convertibility Law began to apply.
With the data published this Thursday, Argentina ranked fourth among the countries with the highest inflation in the year.
Which countries had higher inflation in 2022
The first place was occupied by Venezuela, which registered 305% of annual inflation, according to the independent measurement of the Venezuelan Finance Observatory (OVF). The official data on inflation in November and December prepared by the Venezuelan government have not yet been published.
Second place was occupied by Zimbabwe with 244% per year. The country has been going through a hyperinflationary process since 2000, after introducing an agrarian reform that caused its economy to collapse. Earlier this year, Zimbabwe decided to start producing gold coins to replace its currency. The last few years were especially erratic: in 2020 it recorded inflation of 558%, while in 2021 it scored 98%.
Third place corresponded to Lebanon with 142%with the data accumulated up to november, when it registered a monthly variation of 3.7%. The Lebanese economy collapsed in 2019 with a default and between that year and 2021 accumulated a 58% recession. For 2022, a drop of 5.4% was projected according to the World Bank.
The fourth place went to Argentina with 94.8%its highest record since the beginning of convertibility, compared to 33% calculated by the Government at the beginning of the year.
In fifth place was Turkey with 64%despite the fact that in 2021 it had surpassed Argentina in that place.
Source: Ambito
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