Argentina inflation could hit 100.3% this year, central bank says

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Argentina inflation could hit 100.3% this year, central bank says

BUENOS AIRES Reuters -- Argentina's annual inflation could hit 100.3% this year, according to a report released by the country's central bank on Thursday. The country's central bank said it had increased by 5.3 percentage points from the previous estimate.

The Survey of Market Expectations REM comes amid a prolonged financial and social crisis in Latin America's third-largest economy.

September's monthly inflation is seen at 6.7%, slightly less than the 7% figure in August, according to the median of estimates.

The inflation forecast for 2023 is expected to hit 90.5%, higher than the previous estimate of 84.1%.

In its budget draft, Argentina stated that inflation will be at 60% next year.

In Argentina's economic slump last week, thousands took to the streets, as protesters demanded action to counter sky-high inflation and help the country's poor.

The poverty rate fell to 36.5% in the first half of this year, compared to 37.3% in the second half of 2021, according to official data.

The South American country's economic growth is projected to grow by 4.1% in 2022 from 3.6%, according to analysts.

In December, REM participants expect the average nominal exchange rate in Argentina to be 173.13 pesos per dollar. The survey was conducted between Sept. 28 and 30 among 39 participants.