Argentina’s annual inflation rate has skyrocketed to 124.4% in August, reaching its highest level since 1991, Reuters reports.
The August monthly inflation rate of 12.4% would be considered extremely high even as an annual figure in most countries.
Economic analysts predict that Argentina’s inflation will exceed 169% by the end of the year, a notable increase from their previous estimate of 141%.
The country is grappling with a series of economic crises, including a loss of confidence in its currency, soaring inflation and negative central bank reserves.
