Argentina inflation smashes past every forecast to hit 109%

Argentina’s annual inflation rate soared to 109% in April, the country’s statistics agency said on Friday, smashing past analyst forecasts and stoking anger among hard-hit consumers who are increasingly having to skimp and save to get by.
The South American nation, an important grains exporter and the region’s no. 2 economy, posted 8.4% monthly inflation in April, well above analyst forecasts of 7.5% and the highest in decades. That took the 12-month rate to an eye-watering 108.8%.
The price spike has pushed one in four people into poverty in a country that has battled for decades with high inflation, along with cyclical debt and currency crises. Dwindling central bank reserves are now imperiling the government’s finances.