In Argentina, a country in South America, where economic turmoil continues, the consumer price index in July rose by more than 70% compared to the same month in the previous year, and citizens are increasingly dissatisfied with rapid inflation.
Argentina's National Bureau of Statistics said on Thursday that the consumer price index rose 71% in July compared to the same month last year.
The growth rate has expanded further from 64% in June.
This is the first level in 30 and a half years since January 1992, and is due to factors such as the depreciation of the domestic currency peso due to the impact of the interest rate hike in the United States, which pushed up the prices of imported goods.
In the capital city of Buenos Aires, dissatisfaction with rapid inflation is increasing among citizens, and large-scale demonstrations that are taking place every day are increasing demands for the government to raise minimum wages and pensions.
In addition, there are many people who are wary of further depreciation of the currency peso and sell pesos to buy American dollars at currency exchange shops.
Under these circumstances, the central bank of Argentina announced on the 11th that it would raise the policy rate by 9.5% to 69.5%, showing a stance of hastening to respond to record inflation by significantly raising interest rates.
In Argentina, economic turmoil continues, with the economy minister changing twice in the month from July, and uncertainty about the future of the economy is increasing.