In an attempt to address the surging inflation that has reached its highest level in 30 years, the Central Bank of Argentina took the step of increasing its key interest rate on Monday. The rate was raised by six percentage points to 97%.

Inflation has become a pressing concern for central banks worldwide, but Argentina faces a particularly challenging situation, CNN reported.

The country witnessed its annual inflation rate surpassing 100% last month, marking the highest level since the early 1990s.

According to data from the International Monetary Fund, only Venezuela and Zimbabwe currently experience higher inflation rates than Argentina.

In comparison, the United States has managed to keep inflation below 5%, with its central bank gradually raising key interest rates by five percentage points over a span of 14 months.

Written by staff