Rising inflation continues to pose challenges for U.S. economy

Reuters

Argentina inflation spikes to 3.8% on festive spending splurge

Argentina inflation rose back up to 3.8% in December, the government said on Thursday, above forecasts and to its highest level since last April, driven by consumers splurging on festive feasts and holidays in the last month of the year. “The acceleration of inflation versus November is explained by the collection of bonuses and vacations, people spending pesos faster to buy items for parties and holidays,” said Natalia Motyl, economist at the Fundacion Libertad y Progreso. Argentina’s government has been battling to tamp down rampant inflation, which is running at an annual rate of over 50%, with caps on exports of some meat cuts and grains as well as price freezes on many consumer goods.

Claudia has worked as a journalist for various print-based magazines for more than 5 years. She brings together substantial news pieces from various parts of the US and rest of the World.