Argentina’s August inflation still stubborn as residents struggle to save By Reuters

BUENOS AIRES (Reuters) – Argentina’s monthly inflation rate was 4.2 percent in August, official data showed on Wednesday, as prices beat a Reuters forecast of 3.9 percent and rose slightly from 4.0 percent in July.

Inflation in the 12 months to August hit 236.7%, still the highest level on record in the world and also above the survey forecast of 235.8%.

Analysts were hoping for a slowdown that would signal progress for the government of libertarian President Javier Milea, which has focused on taming skyrocketing prices.

Statistics agency INDEC said the monthly price increases were driven by the cost of living and utilities, education and transport. The monthly inflation rate in the country has been around 4% since May.

With rising costs, poverty rates this year reached their highest level in 20 years, according to a recent study.

“I swear I don’t know how to make ends meet,” said Liliana Martins, 63, lamenting that even if she tries to save him, it’s never enough.