The annual inflation rate in Argentina surpassed the 100% mark for the first time since 1991.
The National Institute of Statistics and Censuses (INDEC) reported on Tuesday that the interannual rate of inflation reached 102.5%, one of the highest in the world.
The agency also said that the Consumer Price Index (CPI) rose 6.6% in February, compared to the same period of the previous year and leads a combined total of 13.1% in the first two months of 2023.
Food rose 9.8% in the second month of the year, being the item with the greatest impact, according to the official report.
The reports said rising consumer prices have resisted numerous attempts by the government of President Alberto Fernández to tame inflation, including capping the prices of food and other consumer goods.
The rampant inflation is attributed to a series of factors, such as the flow of money in circulation released by the national bank, a heat wave with a subsequent drought that has destroyed crops and affected agricultural exports.
This has also deepened an economic crisis that persisted in the country.
The International Monetary Fund approved a financial assistance package for Argentina of 44,000 million dollars.
[Con información de Reuters]
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