Argentina’s annual inflation rate has surpassed 100% for the first time since 1991, marking a three-decade high and revealing the government’s insufficient efforts to control rising prices in the country.[0] According to the country’s statistical body INDEC, prices rose 102.5% in February compared to the year before, placing its inflation rate amongst the highest in world. This is a cause for concern for both its population and the rest of the world.[1]
The effects of soaring inflation have long been felt in Argentina, where consumer prices have more than doubled since 2022.[2] Inflation hit 102.5% in February, the country’s statistics agency said, and this is the 13th straight month that the South American country reported a monthly inflation rate above 4%.
In order to address the issue, the Argentinian government has been attempting to cap the prices of food and other products, but the latest figures show that these measures have not been successful.[2] Last year, protestors took to the streets to demand action to counter the rising cost of living.[1] However, divisions within the government have marred economic policy, with the president and his deputy reportedly at odds over how best to tackle Argentina’s economic problems.[1]
0. “Argentina’s Inflation Rate Hits Three-Decade High, Crossing 100 Per Cent” Swarajya, 15 Mar. 2023, https://swarajyamag.com/news-brief/argentinas-inflation-rate-hits-three-decade-high-crossing-100-per-cent
1. “It’s back to the ’90s for Argentina as inflation passes 100%” Proactive Investors USA, 15 Mar. 2023, https://www.proactiveinvestors.com/companies/news/1009082/it-s-back-to-the-90s-for-argentina-as-inflation-passes-100-1009082.html
2. “Argentina inflation soars past 100% mark” Yahoo News Canada, 15 Mar. 2023, https://ca.news.yahoo.com/argentina-inflation-soars-past-100-050545442.html