Argentina’s inflation rate has exceeded 100% for the first time since hyperinflation ended in the early 1990s.
Inflation hit 102.5% in February, the country’s statistics agency said, meaning the price of many consumer goods has more than doubled since 2022.
Argentina has been in economic difficulties for years and the majority of the population now lives in poverty.
The government is trying to curb the rise in prices by capping the prices of food and other products.
But the food and beverage sector has seen the most dramatic rise of late, with prices up 9.8% in February from January.
Argentine media said this increase could be partly due to a sharp rise in meat prices, which have risen by almost 20% in a month. Adverse weather conditions, an ongoing heatwave and a drought have seriously affected livestock and crops, local news agency Ambito said.
While the symbolism of inflation soaring past 100% is striking, the impact of rising inflation in Argentina has long been felt.
Last September, protesters took to the streets to demand action against the rising cost of living, and in February Argentina’s central bank announced it would issue a new 2,000-peso (£8.13; $9.9) banknote in response to the Increase in consumer prices.
Argentina’s government has long tried to curb inflation, but divisions have affected the country’s economic policies.
Three economy ministers followed in four weeks last summer as the country’s economic crisis deepened, and President Alberto Fernández is reported to be at odds with his deputy Cristina Fernández de Kirchner over how to resolve Argentina’s economic woes.
In December, the International Monetary Fund (IMF) approved a further $6 billion (£4.9 billion) in bailout funds.
It was the latest payout for Argentina in a 30-month program expected to total $44 billion.
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