Argentina’s inflation rate soars past 100%, its worst in over 30 years

Annual rate of 102.5% is denting purchasing power, savings, economic growth and government's chances in elections next year

Argentina's annual inflation rate tore past 100% in February, the country's statistics agency announced, the first time it has hit triple figures since a period of hyperinflation in 1991, over three decades ago.

Inflation over 12 months clocked in at 102.5% in the second month of the year, according to government data released on Tuesday, with a higher-than-expected 6.6% monthly rise in the Consumer Price Index (CPI), and a 13.1% year-to-date increase.