The inflation rate in Argentina has surpassed 100 percent for the first time since the end of hyperinflation in the early 1990s.
According to the country’s statistics agency, inflation reached 102.5% in February, indicating that the price of many consumer products has more than doubled since 2022.
Argentina has struggled economically for many years, and the majority of the population now lives in destitution.
Its government has attempted to prevent price increases by limiting food and other product costs.
In February, prices in the food and beverage industry increased by 9.8% compared to January.
According to Argentinian media, this increase may be attributable in part to a nearly 20% monthly increase in the price of livestock. According to the local news source Ambito, adverse weather conditions, a protracted heatwave, and a drought had a significant impact on livestock and crops.
Although the symbolism of the inflation rate surpassing 100% is striking, Argentina has long felt the effects of skyrocketing inflation.
In February, Argentina’s central bank issued a new 2,000-peso (£8.13; $9.9) banknote to combat rising consumer costs. In September of last year, protesters turned to the streets to demand action against the rising costs of living.
The Argentinian government has long attempted to contain inflation, but the economic policy has been marred by divisions.
Cristina Fernández de Kirchner and Alberto Fernández disagree on how to fix Argentina’s economy. Three economy ministers succeeded one another in the span of four weeks as the country’s economic crisis worsened last summer.
The International Monetary Fund (IMF) authorized an additional $6 billion (£4.9 billion) in bailout funds in December.
It was the most recent installment of a 30-month program that is anticipated to total $44 billion.
