Annual Inflation Rate in Argentina Rises to 289.4%, Monthly Rate Slows

The annual inflation rate in Argentina rose to 289.4%, the country's statistical office (Indec) said. Prices in the South American country, which has been hit by a severe economic crisis, rose by 8.8% in April, data issued by Indec showed. The costs of housing, gas, water and electricity rose sharply. However, it was the first time since October that the monthly inflation rate remained in the single digits. Argentina is in the midst of a severe economic crisis. The government recently cut thousands of jobs in the public sector, reduced subsidies and wound up social programs, triggering demonstrations. Critics say that President Javier Milei's harsh austerity program is plunging many people into poverty and is putting the country's future at risk. Around 40% of people in the once prosperous country live below the poverty line. The second largest economy in South America suffers from a bloated state apparatus, low industrial productivity and a large shadow economy that deprives the state of much tax reve nue. Source: Qatar News Agency