International Business

Argentina’s Inflation Rate at 51-Year Low: Economy Minister Domingo Cavallo said the consumer price inflation rate was 3.9% in 1994, its lowest level in more than 50 years. In 1993, consumer prices had risen 7.4%. Consumer prices rose 0.2% last month, the same as in November, with the biggest increase a 1.8% rise in the price of leisure activities. Cavallo noted that the last year in which prices fell was 1953, by 0.7%. Comparisons with that year would not be valid, however, because prices had been under government control and black markets existed. Argentina’s inflation rate has fallen steadily since Cavallo introduced his stability plan in April, 1991. That year consumer prices rose 84%, compared to 1,343.9% in 1990.