March 16, 2023 08:11
Argentina's annual inflation rate breached the 100 percent mark for the first time since 1991.
The government's statistics agency said Tuesday the yearly inflation rate for February rose to 102.5 percent, making it one of the highest in the world. The agency said consumer prices rose 6.6 percent last month compared to the same period a year ago, and a combined 13.1 percent for the first two months of this year.
The sharp rise in the rate was due to an increase in the price for food and beverages, finishing up at 9.8 percent last month compared to January.
Reports say the surge in consumer prices has defied numerous attempts by the government of President Alberto Fernandez to tame inflation, including a cap on the price of food and other goods.
The soaring inflation rate has been blamed on a number of factors, including a flood of money into circulation by the central bank, along with a lingering heatwave and subsequent drought that has destroyed crops and impacted agricultural exports. The high inflation rate has further left the South American country mired in a lingering economic crisis.
The International Monetary Fund has approved a $44 billion financial aid package for Argentina.
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