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Rising Argentine inflation ends 2021 over 50%

AFP

Argentine inflation continued to rise in 2021, ending the year at more than 50 percent, the state statistics institute said on Thursday,

It was grim news for the South American country, given cumulative inflation in 2020 — a year when the economy was almost paralyzed by the Covid-19 pandemic — was just 36 percent.

The largest price increases in 2021 were in hotels and restaurants (65.4 percent), transport (57.6) and food (50.3).

“During 2021, the government tried to anchor inflation and to do so basically used the regulation of the price of utility rates and the exchange rate,” Hernan Fletcher of the Argentine Center of Economic Policy, told AFP.

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“Although it certainly was not a success, without this, inflation would have been higher.”

Since 2019, Argentina has imposed ever stricter currency exchange controls, meaning citizens can only withdraw $200 a month at the official rate.

For 2022, the government predicted in its budget — which was rejected by the opposition-dominated parliament — an inflation of 33 percent.

Opposition figures derided the budget as unrealistic.

According to a Central Bank survey, inflation in 2022 will be 55 percent.

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The news comes with the government embroiled in a tricky renegotiation with the International Monetary Fund (IMF) over the repayment structure of a $44 billion loan agreed in 2018.

Argentina is due to pay back $19 billion to the IMF this year, another $20 billion in 2023 and $4 billion the following year.

Yet analysts estimate that the country has just $4 billion in international reserves.

“A deal with the IMF could improve the economy in terms of expectations, but in terms of inflation I don’t see 2022 being very different to 2021,” said economist Pablo Tigani.

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International

Regional mexican music mourns the death of Banda Gota de Oro singer Giovanni Vera

Regional Mexican music is mourning the death of Giovanni Vera, lead vocalist of the band Banda Gota de Oro, who was among the victims of an armed attack that occurred on Sunday, December 28, in the Mexican state of Guanajuato.

The incident took place inside a residence located in the Los Presidentes neighborhood, in the municipality of Irapuato.

According to preliminary reports, several people were gathered at the house when armed men burst in and opened fire on those present. The attack left five people dead, including the singer.

Hours after the shooting, Banda Gota de Oro confirmed Vera’s death through its official Instagram account. In one of the posts, the group expressed its grief with an emotional message: “Today, the sky is dressed for a celebration because you are singing up there. Your voice and your joy will live on forever within us.”

Messages of support and condolences from fans and fellow musicians quickly flooded social media, paying tribute to the artist and expressing solidarity with his family and bandmates.

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One Dead, Three Injured in Shooting at Cree Nation in Saskatchewan

One person was killed and three others were injured in a shooting reported early Tuesday in the Big Island Lake Cree Nation, in the Canadian province of Saskatchewan, according to local media.

Police said they were alerted to the incident in a remote area located approximately 392 kilometers northwest of the city of Saskatoon. Authorities issued a dangerous persons alert for two suspects, who were described as armed.

Saskatchewan police urged residents to seek shelter immediately, lock their doors, and avoid the area while the situation remains under investigation. Officers are working to determine whether the shooting was a targeted attack or a random act of violence.

As a precautionary measure, seven health-care facilities in the surrounding area were placed under lockdown, Saskatchewan Premier Scott Moe said in a post on X.

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International

Mexico’s President Visits Victims After Train Derailment Kills 13 in Oaxaca

Mexican President Claudia Sheinbaum visited on Monday the victims injured in a train accident that left 13 people dead in the southern state of Oaxaca and announced financial assistance for those affected by the derailment of the Interoceanic Train, which was inaugurated in 2023.

The train, carrying 241 passengers and nine crew members, derailed on Sunday while traveling along the Interoceanic Corridor, a major infrastructure project that connects the Pacific coast with the Gulf of Mexico across the Isthmus of Tehuantepec. The corridor was one of the flagship initiatives of former President Andrés Manuel López Obrador’s administration (2018–2024).

Sheinbaum visited three hospitals in the neighboring towns of Tehuantepec and Salina Cruz, where around 20 injured passengers remain hospitalized. She also went to a funeral home to accompany the families of those who lost their lives in the accident.

According to Mexico’s Navy Secretary, Raymundo Morales, the accident occurred when one of the locomotives derailed, causing all four railcars to leave the tracks.

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