Argentina's inflation rate reached 108.8% on an annual basis in April, its highest level in more than three decades, according to what was announced, Friday, by the National Statistical Institute (INDIC).
On a monthly basis, inflation in April was 8.4% in the third largest economy in Latin America.
Argentina has one of the highest inflation rates in the world, according to Agence France-Presse.
In 2022, inflation reached 94.8%, the highest annual figure in the country since 1991 when it exceeded 171%.
The government has set an inflation target for 2023 at 60%, but a recent central bank report predicted it would be 126.4%.
On top of its battle with inflation, Argentina is also dealing with a strong depreciation of its currency just months before the general elections.
The peso settled at 238.5 per dollar at the official rate on Friday, but reached 474 on the parallel black market.
The country's economic crises have been exacerbated by the impact of severe drought on the agricultural and livestock sectors, which are the two largest sources of foreign exchange.
The International Monetary Fund (IMF) expects Argentina to grow by 0.2% in 2023.
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