BUENOS AIRES, Jan. 15 (Xinhua) -- Argentina ended 2018 with an accumulated inflation rate of 47.6 percent, after prices rose 2.6 percent in December, the National Statistics and Census Institute said Tuesday.

The figure marked the highest inflation rate of President Mauricio Macri's term, after inflation reached 41 percent in 2016, and was close to the 47.5 percent forecast by the Central Bank of Argentina.

In the course of the year, Argentina's inflation rate skyrocketed more than 22 percentage points, as exchange rate volatility intensified at the end of April and again in August, pushing up prices.

Last year was marked by great volatility, which saw the peso lose half its value. In addition, a severe drought led to major agricultural losses and an economic recession.

The Argentine government expects economic growth to pick up at the start of 2020 with a 2.5-percent expansion.