Inflation tops 100% in Argentina as the price of beef spikes

• Inflation topped 100% in Argentina last month, according to official data published Tuesday.
• The country logged a three-digit inflation rate for the first time in over 30 years in February.

The people of Argentina are now grappling with inflation running over 100%, as soaring prices of beef and other foods drive the rate into three digits.

Food prices jumped 10% between January and February, according to government data published Tuesday, with the cost of national pride beef rocketing over 30% in one region.

That meant Argentina's Consumer Price Index rose 102.5% year-on-year last month, per the country's national statistics agency.

It's the first time since 1991 that Argentina has logged inflation of over 100%, according to Bloomberg data.

Beef — which is one of Argentina's most popular foods and flagship exports — has helped to fuel the rapid run-up in prices over the past year.

The price of buttock, shoulder, rump steak, and minced meat jumped over 30% in the Greater Buenos Aires region, which includes the country's capital and is home to just under a quarter of its population.

That surge came despite Argentina's economy ministry's introduction last month of a price control program aimed at slashing the price of popular beef cuts.

That's one of a number of unconventional policies that the government has introduced to try to rein in inflation. It also ordered manufacturers and retailers to freeze the price of 1,700 goods including food, drinks, and personal-hygiene products in November.

Meanwhile, the Central Bank of Argentina has raised interest rates to a staggering 75% in a bid to tame soaring prices, to no avail.

Central banks across the world are battling high levels of inflation in what economists have called a "reverse currency war" against the Federal Reserve.

The Fed's aggressive rate hikes over the past year have pushed up the strength of the US dollar – forcing other policymakers to bring in tightening of their own to boost their currencies and lessen the pain from surging import costs.

The long running inflation crisis has sparked widespread protests in Argentina.

In September, thousands took to the streets of Buenos Aires to demand more action from president Alberto Fernandez' left-wing government.

Argentina has the highest rate of inflation in the G20 group of nations and only four countries — Zimbabwe, Lebanon, Venezuela, and Syria — are battling higher rates of price rises, according to data from Refinitiv.