Argentina records 102.5% inflation for February 2023 according to the country’s statics report. The South American nation is witnessing a 100% rise in inflation for the first time since 1991. The data released on March 14 revealed a 6.6% monthly rise in the Consumer Price Index (CPI) while inflation for February 2023 rose by 9.8%.
The South American nation has been crippled by drought and heat waves, impacting its agrarian economy. The food and drink sector was the most impacted by the inflation with prices of meat rising by 20% in a month. The country considered to be South America’s largest economy is already under the debt of the International Monetary Fund since 2018. Patricia Quiroga, a 50-year-old shopper told Reuters that it was impossible to bear 100% inflation as she stood in line for her shopping.
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