Argentina
Posted Inflation Rate of 433.7% in 1983,Wall
Street Journal, January 9,
1984
Argentina’s
consumer goods prices rose 433.7% in 1983. This gave
Argentina the
dubious distinction of having the highest inflation rate in the world for the
third straight year.
The cost of living was said to have risen by 17.7% in
December of that year alone. The previous Argentine record was 348% for 1976.
According the Finance Ministry December’s increase was slowed by a price freeze
that was in effect during the second half of the month.
December’s inflation coincided with the resumption of
civilian government after years of military rule in
Argentina. The
new government promised to work to fight inflation in 1984. The civilian
government was already working to renegotiate the terms of
Argentina’s
debt, meeting with the IMF and stating that
Argentina will
honor her legitimate debt but will require better terms including lower interest
rates.
Peter Siegesmund