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