BUENOS AIRES: The annual inflation rate in Argentina skyrocketted to 94.8 per cent in December, the highest level in 30 years, the country’s statistical office Indec said on Thursday.

In 2021, the annual inflation rate in the South American country, which is grappling with a severe financial and economic crisis, stood at 50.9 per cent reported dpa.

In December, consumer prices rose by 5.1 per cent compared to the previous month, according to Indec.

“Our responsibility and our biggest challenge is to bring down inflation because it’s the fever of an ailing economy,“ Economy Minister Sergio Massa wrote on Twitter following the release of the figures.

This could be achieved through “sound financial management, discipline, adherence to clear objectives and a responsible approach in all areas,“ he added.

Argentina’s inflation rate is one of the highest in the world. To finance the budget deficit, the South American country’s central bank is constantly printing fresh money.

Moreover, Argentina has been suffering from a severe economic crisis for years due to a bloated state apparatus, low productivity in industry and a large shadow economy that deprives the state of much tax revenue.

Meanwhile, the peso continues to depreciate against the US dollar, and the country’s debt is growing. - Bernama