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Argentina's inflation was the highest in the world at...

GENEVA, Switzerland -- Argentina's inflation was the highest in the world at 131.3 percent in 1981 while Japan ranked lowest with only 4.7 percent, the International Labor Organization said Friday.

Following Argentina came Israel with 101.5 percent, Peru with 72.6 percent, Costa Rica with 65.1 percent and Yugoslavia with 35.7 percent.

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Among countries with the lowest inflation rates were Panama with 4.8 percent and West Germany with 6.3 percent.

The U.S. inflation rate last year was 8.7 percent according to the study, further details of which will be released Tuesday.

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