In Argentina, inflation exceeded 100% for the first time in 30 years

In Argentina, inflation exceeded 100% for the first time in 30 years


The annual rate of inflation in Argentina reached a thirty-year high and exceeded 100% for the first time since 1991, the country is at the fifth level in terms of inflation rates in the world.

It is reported Financial Times with reference to the data of the state statistical agency Indec.

Thus, prices in Argentina in February increased by 6.6% over the month, and the annual rate was 102.5%. This was the fastest pace since Argentina emerged from a hyperinflationary crisis in the early 1990s.

The rise in prices is mostly related to excessive money printing by the central bank, and also exacerbated by Russia’s war against Ukraine. According to the central bank, during the first three years of President Alberto Fernandez’s tenure in office, the amount of money in circulation increased fourfold.

Argentina now has one of the highest inflation rates in the world, trailing only Zimbabwe, Lebanon, Venezuela and Syria, which also reported triple-digit inflation last year.

The government’s price control program, known as Precios Justos, or “Fair Prices,” temporarily froze the prices of more than 1,700 products until December. But this was not enough to contain the rise in prices due to serious imbalances in the Argentine economy.

Earlier in the day, the IMF urged Argentina to do more to fight inflation to extend a $44 billion cooperation program. Argentina is due to receive about $5.3 billion from the IMF this month, pending approval by the lender’s executive board.




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