Argentina Inflation Rises To Over 100%
Inflation in Argentina has now soared past the 100% mark, which is the first time since the hyperinflation levels of over thirty years ago.
A rate in February of 102.5%, means that costs of consumer goods have effectively doubled during the past twelve months, according to the country’s consumer price index.
The price of meat is reported to have heavily impacted the recent hike, rising by almost 20% in the space of a month, following a prolonged heat-wave and drought impacting livestock and crops. Food and drink collectively increased by 9.8% between January and February.
Argentina’s government has been trying to get a grip on the issue by capping the prices of food and other products. However, it is a country that has been in economic difficulty for years, and many of its 45 million population are now living in poverty.
The country’s government are reported to be struggling to keep pace with the repayment plan of its $44bn loan deal agreed with the IMF (International Monetary Fund) in 2022.