Posted 10/12/2023, 11:09:00 PM
Argentina Raises Key Interest Rate to 133% to Combat Soaring Inflation
- Argentina's central bank hikes key rate to 133% as inflation worsens
- Rate hike follows higher than expected September inflation of 12.7% monthly and 138% annually
- Central bank struggling to keep rate in line with expectations as inflation seen ending year above 180%
- Impacts of inflation worsened by 18% peso devaluation in August
- Peso has since fallen past 1,000 per U.S. dollar ahead of Oct 22 elections
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