​Argentine Inflation Skyrockets to Almost 80% YoY as Crypto Ad | Altcoin Holder

​Argentine Inflation Skyrockets to Almost 80% YoY as Crypto Adoption Grows

Argentine inflation numbers were revealed last week, with the interannual Consumer Price Index (CPI) registering record levels reaching 78.5%. This puts the country second only to Venezuela in Latam in terms of high inflation, with prices rising almost 8% during August, hitting the pockets of Argentines. According to a survey by Bitso, this has caused Argentines to explore cryptocurrencies as a way of keeping their purchasing power via stablecoins.

Argentine Inflation Keeps Growing, Expected to Reach 100% This Year
Inflation is becoming a big problem for some countries in Latam whose economies have been hit by the current economic downturn. Argentina, one of the biggest economies in the area, is now facing raging levels of inflation that are affecting the pockets of citizens.

The most recent CPI report revealed that prices rose by 7% MoM (month-over-month), with these numbers being second only to Venezuela’s inflation, which has reached well over 100% YoY (year-over-year).

Food and drink prices rose 7.1% in August, while other items marked a sharper increase, like clothing and appliances. Accumulated inflation numbers reached 78.5%, the highest since 1991 amidst a climate of economic and political uncertainty, with the country having three economy ministers in less than three months.

The Argentine peso is one of the fiat currencies that has suffered the most in Latam, losing more than 25% against the dollar when considering the official rate, and almost 50% of its value taking the unofficial “blue” exchange rates as reference.