Argentina's annual inflation surpassed 211 percent in December, reaching its highest level since the early 90s. This was reported by Reuters.

Monthly inflation in the South American country reached 25.5 percent in December, slightly below forecasts, after a sharp devaluation of the peso after Milley's government took office on Dec. 10, promising to rein in inflation.

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Rising inflation has knocked Argentina first in South America, overtaking recent leader Venezuela, where inflation in 2023 was 193 percent year-on-year.

While high inflation has haunted Argentina for years, the rate of price increase is now at the highest level since the early 90s, when the country was emerging from a period of hyperinflation.

Newly elected Javier Millay, who came to power thanks to voters' anger at the worsening economic situation, is seeking to use austerity measures to reduce inflation, reduce the large fiscal deficit and restore the state treasury. He warned that it would take time. In his words, things could get worse before they get better.

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