According to Official reports, the inflation rate in Argentina has reached almost 50 percent.
According to the National Institue of Statistics and Census (INDEC), the Inflation rate for Argentina was in 2.9 percent in January which placed the inflation rate to 49.3 percent in comparison with January 2018.
According to official information given by the governmental organization INDEC, the Consumer Price Index (IPC) the Food and Beverage entry was over the average by 3.4 percent, this entry is one of those that affect poorest people the most.
Private consultancy companies had made high provisions for an inflation rate at 2.5 percent, however, in reality it is higher than expected. These rates are the consequences of neoliberal economic policies implemented by the government led by President Mauricio Macri.
In comparison to last year, food prices have risen on average 53 percent, but it's not the highest price incrementation in the South American country. Transportation rates rose by an unprecedented 67,3 percent, Communication rates by 63,7 percent and Housing, Water, Electricity and Gas prices have increased by 48,7 percent.
Argentines have been protesting these high prices in massive mobilizations around the country, and especially in the Capital, Buenos Aires. On Wednesday over a million Argentines took to the streets under the "Land, Housing and Work" slogan, to attack the government's economic policies that are backed by the International Monetary Fund (IMF). The mobilizations will continue in the South American country to oppose these policies imposed, with the next protest scheduled for February 26.
According to data released by the INDEC in January, the inflation rate for 2018 was 47,6 percent, which is the second highest inflation registered since 1991, when there was hyperinflation during the economic crisis known as "El Corralito" (the little barnyard), which occurred during the government of Carlos Menem where the rate went as high as 84 percent.