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Inflation in Argentina tears past 100% for the first time in decades

Argentina’s annual inflation rate tore past 100% in February, the country’s statistics agency said on Tuesday, the first time it hit triple figures since a period of hyperinflation in 1991, a little over three decades ago.

Inflation over 12 months clocked in at 102.5 percent in the second month of the year, government data showed, with a higher-than-expected 6.6 percent monthly rise in the Consumer Price Index (CPI), and a 13.1 percent year-to-date increase.

Argentina’s markets, shops and homes are bearing the impact of spiraling prices making for one of the highest inflation rates in the world stretching people’s wallets.

With inflation so high, prices undergo change almost weekly.

The country’s government has in vain been trying to tame the rising prices, which are denting people’s earning power, savings, the country’s economic growth and the ruling party’s chances of clinging onto power in crunch elections later this year.

On the streets, inflation is all people seem to talk about and is seeding frustration and anger as salaries fall behind the cost of goods despite the government schemes intended at capping prices and limiting grain exports to boost domestic supply.

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