Argentina’s Inflation Rate Exceeds 100%, Highest In Over 30 Years

In February, Argentina’s annual inflation rate exceeded 100% for the first time since the country’s hyperinflationary era in 1991.

According to official statistics issued on Tuesday, the Consumer Price Index (CPI) rose 6.6% month over month and 13.1% year over year.

In Argentina’s markets, shops and homes, the impact of rising prices is being felt keenly as one of the highest inflation rates in the world strains people’s budgets.

“There’s just nothing left, there’s no money, people don’t have anything, so how do they buy?” said retiree Irene Devita, 74, as she checked grocery price tags in a market fair in San Fernando on the outskirts of Buenos Aires.

With inflation so high, prices change almost weekly.

“The other day, I asked for three tangerines, two oranges, two bananas and half a kilo of tomatoes. When he told me it cost 650 pesos [$3.22], I told him to take everything out and leave just the tomatoes because I don’t have enough money,” Devita said.

Prices vary greatly from store to store, and finding the basic essentials at the least-expensive prices is a drain on time and energy for working Argentines.

The administration has tried in vain to contain rising costs, which dent people’s earning capacity, savings, the country’s economic growth, and the ruling party’s chances of retaining power in the next elections.