Argentina's capital reports highest inflation in 14 years

BUENOS AIRES, Argentina – Inflation in Argentina’s capital and main population centre reached 6.5 per cent in April, the biggest monthly price jump since the country’s worst economic crisis 14 years ago.

Buenos Aires’ rising consumer prices were announced Thursday. The main cause for the hike was the government’s recent elimination of utilities subsidies in the metropolitan area that have led to sharp increases in everything from bus rides to light bills. The city says inflation in the first quarter was 19.2 per cent.

The Buenos Aires inflation rate is being used as a reference while the new government of President Mauricio Macri revamps the questioned national statistics agency.

Macri came to power in December with promises to cut bloated spending, curb government deficits and tame one of the world’s highest inflation rates.