Argentina’s Inflation Rate Surges to 30-Year High
Argentina's annual inflation rate has surpassed 100% for the first time since 1991, marking a three-decade high and revealing the government's insufficient efforts to control rising prices in the country.[0] According to new figures released by the country's statistical body INDEC, the inflation rate rose to 102.5% in February, the highest since late 1991 when the economy was cooling off from 3,000% hyperinflation.[1] Prices rose 6.6% on the month, more than all estimates in a Bloomberg survey of analysts that had a 6% median forecast.[2]
The effects of soaring inflation have long been felt in Argentina, with the ‘Dollar Malbec', ‘Dollar Qatar' and ‘Dollar Coldplay' prices rising sharply in recent years. Last year, protesters took to the streets to demand action to counter the rising cost of living, but divisions within the government's ranks have marred economic policy.[3] In response, the government has attempted to address the issue by capping the prices of food and other products, but this measure has not been successful in curbing inflation.[1]
The high inflation rate is a cause for concern for both Argentina's population and the rest of the world.[3] The Argentinian government must act quickly to find a solution to the economic problems, as the situation is likely to worsen ahead of presidential elections this year.
0. “Argentina's Inflation Rate Hits Three-Decade High, Crossing 100 Per Cent” Swarajya, 15 Mar. 2023, https://swarajyamag.com/news-brief/argentinas-inflation-rate-hits-three-decade-high-crossing-100-per-cent
1. “Argentina inflation soars past 100% mark” Yahoo News Canada, 15 Mar. 2023, https://ca.news.yahoo.com/argentina-inflation-soars-past-100-050545442.html
2. “Argentina Inflation Tops 100% as Economic Recession Looms” Bloomberg, 14 Mar. 2023, https://www.bloomberg.com/news/articles/2023-03-14/argentina-surpasses-100-inflation-as-economic-recession-looms
3. “It's back to the '90s for Argentina as inflation passes 100%” Proactive Investors USA, 15 Mar. 2023, https://www.proactiveinvestors.com/companies/news/1009082/it-s-back-to-the-90s-for-argentina-as-inflation-passes-100-1009082.html
