According to the National Institute of Statistics and Census (INDEC) of Argentina, the country’s inflation rate has soared past 100%, its worst in over 30 years. This is the highest rate of inflation since the early 1990s, when Argentina was in the midst of an economic crisis. The government has attributed the spike in inflation to a combination of economic mismanagement, a weak peso, and rising international commodity prices. In the month of December 2020, the inflation rate surged to 47.6%, while the annual inflation rate was recorded at 53.8%.
This is a sharp increase from the previous year, when the annual inflation rate was 34.3%. The government has implemented price controls and tax increases to try to curb the inflation rate, but these measures have been largely ineffective.