The country’s statistics office said on Tuesday (March 14) that Argentina’s annual inflation rate exploded above 100% in February. This is the first time it has reached triple digits since a period of hyperinflation in 1991, more than three decades ago.
According to government figures, inflation over a year came in at 102.5% in the second month of the year, with the Consumer Price Index (CPI) rising by a higher-than-anticipated 6.6% monthly and 13.1% so far this year.
Due to one of the highest inflation rates in the world, people are feeling the effects of rising costs acutely in Argentina’s marketplaces, stores, and homes.
Retiree Irene Devita knows all too well the impact: a lighter shopping bag and less food on the table at home.
In a market fair in San Fernando on the outskirts of Buenos Aires, Devita, 74, looked through her groceries on Tuesday. With inflation so high, prices change almost weekly.
The government has tried in vain to tame the rising prices, which dent people’s earning power, savings, the country’s economic growth and the ruling party’s chances of clinging onto power in crunch elections later this year.
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