Inflation in Argentina has exceeded 100%. This hadn’t happened in 30 years — Meduza

Inflation in Argentina has reached its highest level in three decades, exceeding 100% in annual terms for the first time since 1991, according to the Financial Times, citing data from the National Institute of Statistics and Census (INDEC).

The publication writes that in February 2023, inflation in Argentina accelerated by 6.6%, and the total figures for the first two months of 2023 indicate an increase in the cost of goods by 13.1%.

In 12 months, inflation in Argentina reached 102.5%, exceeding the level of 1991, when it was 102.4%, writing local edition of Ambito.

According to the Financial Times, Argentina has adopted a state price control program, the country has frozen the prices of 1,700 goods. However, this has not fundamentally affected the situation – according to Ambito, food prices in Argentina have increased by almost 10% over the past month.

The recession continues in Argentina. Analysts predict that in 2023, the country’s economy will contract by 3%.

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