Argentina Inflation Surpasses 100% as Economic Recession Looms

Argentina’s annual inflation surpassed 100% last month, one of the world’s fastest rates, putting extra pressure on an economy that’s expected to fall into recession ahead of presidential elections this year, Bloomberg News reported. Consumer prices rose 102.5% in February from a year prior, the highest since late 1991 when the economy was cooling off from 3,000% hyperinflation. Prices rose 6.6% on the month, more than all estimates in a Bloomberg survey of analysts that had a 6% median forecast, according to government data published Tuesday. Food prices, the largest category in Argentina’s inflation index, spiked nearly 10% from a month prior, fueling the headline increase. In particular, the cost of beef, a staple of Argentines’ diet and national pride, soared as much as 35% in the greater Buenos Aires metropolitan area last month, data showed. Read more.