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Argentina’s inflation rate tops 100% for the first time in three decades

Measures by ruling coalition have failed to tame surging prices that have damaged the South American country’s economy

Argentina’s annual inflation rate has hit a three-decade high, surging past 100 per cent for the first time since 1991 in a sign of how the country’s government has failed to tame price pressures that have torn across the economy.

Prices rose by 6.6 per cent in February, bringing the 12-month figure to 102.5 per cent, according to Indec, the government statistics agency. That was the quickest pace since Argentina was emerging from a hyperinflation crisis in the early 1990s, and places its inflation rate among the highest in the world.

Tuesday’s data comes at a complex moment for the centre-left administration of President Alberto Fernández, which had hoped to ease financial pressure on voters ahead of a tough election challenge in October.

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