Annual inflation 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, the national statistics agency Indec announced on Tuesday.
The costs for communication, transport and housing in particular 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 much tax revenue.
Ultraliberal 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, likely pushing up prices. (sda/dpa)
Soource :Watson
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
