13 October 2023
Argentina’s central bank hiked the benchmark interest rate to 133% due to surging inflation, which registered at 12.7% monthly and 138% annually, ahead of the presidential election amidst a deepening economic crisis. With the nation grappling with soaring prices, diminished wages, and eroded savings—pushing 40% of the population below the poverty line—an end-of-year inflation rate exceeding 180% is anticipated.