The yearly inflation rate in Argentina has exceeded 100 per cent for the first time since 1991, reaching 102.5 per cent in February.

According to Voice of America, the government’s statistics office said on Tuesday that the country’s annual inflation rate for February was one of the highest in the world.

The statistics agency detailed that consumer prices increased by 6.6 per cent last month compared to the same time last year and 13.1 per cent over the first two months of this year.

The price increase for food and beverages, which ended up at 9.8 per cent last month compared to January, was the primary cause of the rate’s significant climb.

According to reports, President Alberto Fernandez’s administration made various attempts to curb inflation, including a restriction on the cost of food and other items, but the rise in consumer prices has defied all of them.

Many variables, including the central bank’s flow of money into circulation, a persistent heatwave and consequent drought that have devastated crops impacting agricultural exports, are to blame for the skyrocketing inflation rate.

Due to the high inflation rate, Argentina is now deeper into an economic crisis.

To help Argentina weather its present economic crisis, the International Monetary Fund has approved a $44 billion financial aid package.