Argentina’s inflation rate has rocketed past 100%, for the first time since the early 1990s when hyperinflation came to an end.
According to the country’s statistics office, inflation reached 102.5% in February, meaning that the cost of many consumer goods has increased significantly since 2022.
Argentina has experienced economic hardship for many years, and the majority of the population now lives in poverty.
Its government has being trying to stem price rises by capping the prices of food and other products.
The effects of soaring inflation have been felt in Argentina for a long time, despite the symbolism of the inflation rate crossing the 100 percent mark being striking.
In response to the increase in consumer prices, Argentina’s central bank announced in February that a new 2,000-peso (£8.13; $9.9) banknote would be issued, after protesters took to the streets to demand action to combat rising cost of living last September.
Long attempts have been made by the Argentine government to control inflation, but disagreements have impaired the country’s economic strategy.
Argentina’s economic crisis worsened last summer, leading to the succession of three economy ministers in a span of four weeks. President Alberto Fernández and his deputy, Cristina Fernández de Kirchner, are also reportedly at odds over how to address the country’s issues.
The International Monetary Fund (IMF) approved an additional bailout payment of $6 billion (£4.9 billion) in December.
It was the latest payout for Argentina in a 30-month programme that is expected to reach a total of $44bn.
Author-Roberta Appiah
