Latin American countries struggle to cope with inflation
(VOVWORLD) -Argentina's monthly inflation was 7.4% in July versus a month earlier, the government's INDEC statistics agency said on Thursday, above analysts' forecasts for a 7.2% increase in consumer prices.
 Customers shop at a supermarket in Rio de Janeiro, Brazil. (Photo: AFP/VNA) |
Inflation in the 12 months through July hit 71%, as the South American country battles surging consumer prices.
Mexico’s central bank has raised its interbank interest rate by 0.75% to 8.5% Thursday — the highest level in the 16 years since comparable bank policies went into effect. According to the central bank, inflationary pressures derived from the pandemic and the Russia and Ukraine conflict continue to affect general and underlying inflation. Mexico’s annualized inflation rate hit 8.15% in July, the highest in more than two decades.
Peru's central bank raised the country's benchmark interest rate by 50 basis points to 6.5% on Thursday, its 13th consecutive hike as the nation battles high inflation.