Inflation rate rises to more than 250 percent. In January, prices rose by 20.6 percent, according to the national statistics agency Indec in Buenos Aires.
South American country is suffering from a severe economic crisis. Around 40 percent of people in the once prosperous country live below the poverty line. The government sharply devalued the local currency, the peso, and announced cuts to subsidies on gas, water, electricity and public transport. The year 2024 began in Argentina with the highest inflation rate since the hyperinflation of 1991.