Argentina has the third highest inflation rate in the world after Venezuela and Lebanon

Argentina continues to distance itself from the rest of the world in general and the region in particular in terms of inflation, recording the third highest inflation rate in the world in July after Venezuela and Lebanon, according to the Argentine newspaper infopay.
Data from the region show that last month Venezuela recorded a 7.2% rise in prices and last year by 439%, according to the Venezuelan finance Observatory (OVF), inflation in Argentina reached 141%, Colombia ranked third in Latin America by 11.7% in the last 12 months, followed by Chile by 6.5%, Peru 5.8%, Mexico and Uruguay by 4.8%, Brazil 4%, Paraguay 3.5%, Bolivia 2.7%.
Among the countries that have already reported their inflation last month, Argentina ranked second in the world, although Lebanon, which until June determined that the price increase was 260%, is expected to occupy this position and that Argentina will occupy the third place, and the fourth is Zimbabwe with 101% .
A central bank official said that the peso exchange rate will reach 350 to the dollar, compared to the level of 287 pesos, and the central bank will also raise the key interest rate to 118% from 97%. This comes after years of the country trying to avoid a devaluation that is likely to increase inflation and add to political volatility ahead of the presidential election on October 22. 
Argentina’s international reserves reached their lowest level in 17 years, as its liabilities exceeded the size of assets with the central bank, and inflation accelerated to more than 115% in June.
During the primaries, Javier Mele, the radical liberal candidate, unexpectedly won with 30.1% of the vote, and investors panicked after Mele, who threatened to burn down the central bank, took first place in the primaries.