Argentina’s Inflation Rate Hits an Astounding 100 Percent
Inflation in Argentina continued to rise, surpassing 100 percent in February for the first time since the high inflation crisis in 1991.
The CPI rose 102.5% in February, compared to 98.8% in January, according to Argentina’s Statistical Office. The inflation rate rose on a monthly basis to 6.6% in February from 6% in January.
Argentine media are reporting that the rise may be partly due to the sharp rise in meat prices, which rose by about 20% in a month.
Poor weather conditions, prolonged heat waves and drought have severely affected livestock production and crops, exacerbating gloomy forecasts of deterioration in exports of goods that stimulate economic activity, tax revenues and the country’s central bank reserves, according to the Ambito news agency.
Last summer, three economy ministers replaced each other in four weeks as the country’s economic crisis deepened and President Alberto Fernandez was said to disagree with his vice president, Cristina Fernandez de Kirchner, on how to handle Argentina’s economic problems.
And in December, the International Monetary Fund approved another $6 billion in aid. It was Argentina’s latest compensation under the 30-month program, which is expected to be worth $44 billion.
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