Argentina is facing its highest annual inflation rate in three decades, marking a significant hurdle for citizens struggling to meet their basic needs. Data from the country’s statistics agency reveals that twelve-month inflation for February 2023 reached 102.5%, more than double the previous year’s price of goods. The inflation rate is the highest since a period of hyperinflation in 1991. The food and non-alcoholic beverage sector was hit the hardest, with a 9.8% increase in prices. The rampant inflation has left Argentine citizens struggling to afford basic goods, with some describing their inability to purchase essential items. The country has been battling an economic crisis for several years, with double-digit inflation recorded every year for the past 12 years. The persistent inflation is blamed on government overspending and an underperforming agricultural sector. With almost 40% of the population living in poverty, the inflation rate is a significant problem for the country.
Inflation in Argentina exceeds 100% in February.
