Inflation in Argentina Exceeds 100 Percent

The inflation rate in Argentina continues to rise. According to the Argentine statistics office, the Consumer Price Index increased by 102.5% in February compared to 98.8% in January. The monthly inflation rate also rose to 6.6% in February, up from 6% in January. Argentine media reported that "this increase may be partially attributed to the sharp rise in meat prices, which increased by about 20% within a month." The news outlet "Ambito" pointed out that "bad weather conditions, prolonged heat waves, and drought have severely affected livestock and crops, exacerbating gloomy forecasts for the decline in exports of commodities that support economic activity, tax revenues, and the central bank's reserves in the country." Last summer, three economy ministers replaced each other within four weeks amid the worsening economic crisis in the country. It is said that President Alberto Fernández is in disagreement with his Vice President, Cristina Fernández de Kirchner, over how to address Argentina's economic problems. In December, the International Monetary Fund approved an additional $6 billion in rescue funds. This was the latest disbursement to Argentina in a 30-month program, with a total expected to reach $44 billion.