The inflation rate in Argentina is more than 100 percent, which happened for the first time after hyperinflation in this country during the 90s.
Argentina went bankrupt in 2001.
As announced by the country's statistical agency, the inflation rate is 102,5 percent, which means that the prices of goods and services are twice as high compared to the previous year.
Argentina has had economic problems for years, due to which the majority of the population lives in poverty. The authorities are trying to curb the rise in prices by limiting them, reports SEEbiz.
However, there is a drastic increase in the prices of food and drinks. In February, prices rose by 9,8 percent compared to the previous month.
Argentinian media announced that meat prices rose by almost 20 percent in a month. The newspaper Ambito announced that unfavorable weather conditions, a prolonged heat wave and drought had a serious impact on livestock and agriculture, reports the BBC.
High inflation has been felt in this country for a long time. In September of last year, there were protests demanding that price increases be curbed. The central bank announced that a banknote in a new denomination of two thousand pesos will be issued, which is a response to the rise in prices.
The government has long tried to moderate inflation, but political divisions have threatened the economy. Last summer, three ministers of economy were changed in a month.
The International Monetary Fund (IMF) granted this country another six billion USD to save the economy. It was the last payment in the 30-month aid program, which is expected to total $44 billion in the end.
Bonus video:
