The annual inflation rate in Argentina has risen to 276.2 percent. In February, prices in the South American country hit by a severe economic crisis rose by 13.2 percent, according to the national statistics agency Indec in Buenos Aires. In particular, the costs of communication, transport and housing rose sharply. However, compared to previous months, inflation fell.
Inflation in Argentina is one of the highest in the world. South America’s second largest economy suffers from a bloated state apparatus, low industrial productivity and a large shadow economy that deprives the state of a lot of tax revenue.
The ultra-liberal President Javier Milei wants to get Argentina back on track with a radical austerity program. The government sharply devalued the local currency, the peso, and announced cuts to subsidies on gas, water, electricity and public transport, which is likely to further fuel prices.
