August inflation reached 12,4%, according to the Consumer Price Index (CPI) reported yesterday by the National Institute of Statistics and Censuses (INDEC). This is the highest rate in 32 years. One has to go back to February 1991 to find a higher figure (27% monthly). Two months later, Domingo Cavallo, then Minister of Economy, launched an economic stabilization program by pegging the dollar to the peso: US$1 was worth $1.

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