Argentina's annual inflation rate breached the 100% mark for the first time since 1991.
The government's statistics agency said Tuesday the yearly inflation rate for February rose to 102.5%, making it one of the highest in the world. The agency said consumer prices rose 6.6% last month compared to the same period a year ago, and a combined 13.1% for the first two months of this year.
The sharp rise in the rate was due to an increase in the price for food and beverages, finishing up at 9.8% last month compared to January.
Reports say the surge in consumer prices has defied numerous attempts by the government of President Alberto Fernandez to tame inflation, including a cap on the price of food and other goods.
The soaring inflation rate has been blamed on a number of factors, including a flood of money into circulation by the central bank, along with a lingering heatwave and subsequent drought that has destroyed crops and impacted agricultural exports. The high inflation rate has further left the South American country mired in a lingering economic crisis.
The International Monetary Fund has approved a $44 billion financial aid package for Argentina.
Some information for this report came from Reuters.