Argentinian Seafood Industry Faces Uncertainty Amid 30% Inflation in Dec-23

The Argentinian government recently reported an inflation rate of approximately 30% for Dec-23, resulting in an annual percentage of around 200%. Projections for the next three months anticipate a 50% inflation rate, following the devaluation of the Argentinian Peso in November 2023. Seafood exporters are closely monitoring final inflation figures to evaluate the competitiveness of USD exchange rates in Argentina relative to cost increases. Consequently, specific prices for the upcoming squid season, for example, are not yet available. Concurrently, the market foresees a domestic recession due to inflation, leading to reduced consumption of imported goods influenced by the new dollar rate.