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Argentina’s dizzying annual inflation rate tore past 100 percent in February, INDEC the county’s statistics agency announced on Tuesday, with a higher than expected monthly rise of 6.6 percent, one of the highest rates in the world.
The 102.5 percent increase in prices for basic necessities are stunting not only Argentina’s economic growth, but are straining the savings of its citizens while damaging their earning power. The 102.5 percent hyperinflation marks the first time since 1991 that the country has experienced such a period.
Argentina’s economy announced a price control program in January that was intended to bring down prices on certain common beef cuts amid the rising inflation, adding that drought was behind the higher prices of meat.
The government’s attempts to tame the runaway prices has not yet appeared to have lessened the economic impact of the massive inflation on everyday people, many of whom say they have had to cut back significantly in order to stay afloat.
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Copyright © 2023 CGTN. 京ICP备16065310号
Disinformation report hotline: 010-85061466