Argentina’s inflation rate soars past 100%, its worst in over 30 years

theguardian.com:

Argentina’s annual inflation rate tore past 100% in February, the country’s statistics agency announced, the first time it has hit triple figures since a period of hyperinflation in 1991, over three decades ago.Inflation over 12 months clocked in at 102.5% in the second month of the year, according to government data released on Tuesday, with a higher-than-expected 6.6% monthly rise in the Consumer Price Index (CPI), and a 13.1% year-to-date increase.In Argentina’s markets, shops and homes, the impact of rising prices is being felt keenly as one of the highest inflation rates in the world stretches people’s wallets.“There’s just nothing left, there’s no money, people don’t have anything, so how do they buy?” said retiree Irene Devita, 74, as she checked grocery prices in a market fair in San Fernando on the outskirts of Buenos Aires.With inflation so high, prices change almost weekly.“The other day I came and asked for three tangerines, two oranges, two bananas and half a kilo of tomatoes.

When he told me it cost 650 pesos [$3.22], I told him take everything out and leave just the tomatoes because I don’t have enough money,” Devita said.The government has tried in vain to tame the rising prices, which dent people’s earning power, savings, the country’s economic growth and the ruling party’s chances of clinging on to power in crunch elections later this year.On the streets, inflation is all many people can talk about.

It seeds frustration and anger as salaries often fall behind the cost of goods despite government schemes to cap prices and limit grain exports to boost domestic supply.Patricia Quiroga, 50, said 100% inflation was impossible to bear as she was waiting on line to do her shopping.“I am tired, tired, just