Inflation has exceeded 100%, suffered the most severe drought in 60 years, and the exchange rate has hit a historic low
Release Time:
Apr 22,2023
Recently, data from Argentina's official statistical agency Indec showed that the country's CPI rose 6.6% month on month in February, higher than market expectations of 6%, and surged 102.5% year-on-year, marking the fastest pace since the country emerged from the vicious inflation crisis in the 1991's.
According to Russian satellite news agency statistics, in February, Lebanon became the country with the most severe inflation, with an annualized inflation rate of 190%. Argentina ranked second with an annualized inflation rate of 102.5%, and Zimbabwe ranked third with an annualized inflation rate of 92.3%. Overall, more than half of the countries had an annualized inflation rate of over 8.7% in February.
At the time of a new surge in inflation, Argentina is facing the most severe drought in 60 years, with sustained heatwaves and droughts severely affecting livestock and crops.
According to Reuters, this historic drought will hit Argentina's agricultural sector and is expected to reduce Argentina's gross domestic product (GDP) by approximately $19 billion, equivalent to 3% of the country's GDP, exacerbating soaring prices and the depreciation of the peso.
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Apr 22,2023
