Economy 1 MIN READ

UPDATE 2-Argentina hikes interest rate to 49% in bid to tame inflation

May 12, 2022By Reuters

Recasts with central bank announcing the decision

Argentina’s central bank on Thursday said it hiked the country’s benchmark interest rate by 200 basis points to 49% as it tries to rein in surging inflation.

The monetary authority’s move came after the government published inflation data earlier in the day showing inflation in the 12 months through April running at a 58% pace. nE1N2WP014

The 6% increase in consumer prices in April from the previous month landed slightly above analysts’ forecast for a 5.9% gain.

(Reporting by Jorge Otaola; Writing by Gabriel Araujo; Editing by Christian Plumb and Leslie Adler)

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