Argentina inflation expected at 53% in Dec.

Reuters BUENOS AIRES (Reuters) — Argentina’s inflation rate is expected at 53 percent in December 2019, but will fall back to 34 percent the following year, according to projections in the forthcoming 2020 budget, treasury officials said on Wednesday.

The budget also predicts Argentina’s economy, Latin America’s third largest, will contract by an average of 2.6 percent in 2019, but will return to growth of 1 percent in 2020.

The treasury officials, who shared the figures but asked not to be identified, said the budget would be sent to Congress on Sept. 16. The much anticipated fiscal plans will figure prominently into Argentina’s efforts to stem an economic crisis that has plunged a third of its citizens into poverty and ratcheted up inflation.

Tight monetary policy had helped tame inflation in the months before the Aug. 11 primary election. But the peso crashed along with the country’s bonds after Peronist Alberto Fernandez trounced market-friendly president Mauricio Macri, sending consumer prices spiraling again.Speech

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