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Argentina's inflation rate exceeded 100% for the first time since hyperinflation ended in the early 1990s. Inflation hit 102.5% in February, the national statistics agency said, meaning the prices of many consumer goods have more than doubled since 2022. Argentina has had economic difficulties for years and most of the population now lives in poverty.
Your government is trying to stop price increases by capping the prices of food and other products. However, the food and beverage sector has seen the most dramatic growth of late, with prices up 9.8% in February versus January.
Argentinian media reported that the increase could be partly due to an increase in meat prices, which have risen by almost 20% in a month. Severe weather conditions, a prolonged heatwave and drought have severely affected livestock and crops, according to local media Ambito.
While the symbolism of inflation above 100% is striking, the impact of rising inflation in Argentina has been felt for some time. Last September, protesters took to the streets to demand action against the rising cost of living, and in February Argentina's central bank announced it would issue a new 2,000 pesos (£8.13; consumption) in response to rising prices.
Argentina's government has long tried to curb inflation, but divisions have hardened the country's economic policies.
Three economy ministers replaced each other in a span of four weeks last summer as the country's economic crisis worsened and President Alberto Fernández reportedly clashed with his deputy Cristina Fernández de Kirchner over how to solve Argentina's economic problems.
In December, the International Monetary Fund (IMF) approved a further $6 billion (£4.9 billion) in bailout funds. This was the last disbursement to Argentina under an expected 30-month program totaling $44 billion.
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