Argentina Hikes Rates as Inflation Speeds to Fastest Level This Year

Argentina hiked interest rates on Thursday after monthly inflation accelerated to the highest level this year, a move aimed at bolstering peso savings and reining in prices amid a wider economic crisis, Reuters reported. The central bank raised the benchmark Leliq rate to 38% from 36% previously after the country’s statistics agency had revealed October inflation speeding up to 3.8% and rolling 12-month inflation had been clocked at 37.2% in the month. The central bank also raised overnight and 7-day reverse repo rates. The consumer price rise, which comes as the country has eased slowly out of its pandemic lockdown, was at the top end of analyst expectations, who had forecast a 3.1% rise for the month, according to a poll conducted by Reuters. Read more