The Central Bank of Argentina raised its key interest rate Monday by six percentage points to 97% in an effort to tackle soaring inflation that has reached 30-year highs.
Central banks across the globe are struggling to rein in inflation, but it's a particular problem in Argentina, where the annual inflation rate soared above 100% last month.
That's the highest level since the early 1990s, and currently, Venezuela and Zimbabwe are the only two countries experiencing higher inflation than Argentina, according to International Monetary Fund data.
(By comparison, inflation hovers below 5% in the US, but earlier was over 9%. The central bank has raised key interest rates by five percentage points over 14 months.)
Don't cry for me Argentina.
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