Argentina annual inflation nears 90%, overtaking Turkey

By Jorge Otaola

BUENOS AIRES, Nov 15 (Reuters) - Argentina's monthly inflation came in at 6.3% in October, the government's INDEC statistics agency said on Tuesday, while inflation in the 12 months through October hit 88%, overtaking Turkey, as surging prices continued to sap wages and savings.

Prices soared 76.6% in the first 10 months of the year.

The monthly inflation rate, which was in line with analysts' estimates, was slightly above the 6.2% posted a month earlier. Analysts project annual inflation will top 100% this year, one of the highest rates in the world.

Argentina's 12-month price rise in October took it above fellow inflation sufferer Turkey, where it stands at 85.5%, according to a Refinitiv Eikon tracker. Turkey's annual inflation rate had been just above Argentina's a month earlier.

Spiraling prices in Argentina have prompted street protests in recent weeks and led the government to

announce

a freeze on consumer goods prices last week.

Despite this, Argentina's central bank seems set

to pause

for a second straight month one of the world's most aggressive tightening cycles, as inflation is expected to slowly cool in coming months.

"The partial data for November point to inflation slightly above 6%," said Camilo Tiscornia at consultancy C&T.

"If inflation were to stick at 6% in December, inflation for the year would close at 99%, but if it climbed to 7%, replicating the frequent uptick in the last month of the year, it would reach 101%."

(Reporting by Carolina Pulice and Hernan Nessi; Writing by Carolina Pulice; Editing by Anthony Esposito and Richard Chang)