Argentina's Annual Inflation Rate Soars Past 100%
The country's annual inflation rate tore past 100% in February, the first time it has hit triple figures since a period of hyperinflation in 1991.
Inflation over 12 months clocked in at 102.5% in the second month of the year, according to government data released on Tuesday, with a higher-than-expected 6.6% monthly rise in the Consumer Price Index (CPI), and a 13.1% year-to-date increase.
In Argentina’s markets, shops and homes, the impact of rising prices is being felt keenly as one of the highest inflation rates in the world stretches people’s wallets.
“There’s just nothing left, there’s no money, people don’t have anything, so how do they buy?” said retiree Irene Devita, 74, as she checked grocery prices in a market fair in San Fernando on the outskirts of Buenos Aires.
With inflation so high, prices change almost weekly.