Hyperinflation in Argentina: prices rise by 254.2 percent. In January, prices in the South American country rose by 20.6 percent.
South America's second largest economy is suffering from hyperinflation. The new President Javier Milei wants to get Argentina back on track with a radical austerity program. The government sharply devalued the local currency, the peso, and announced cuts to subsidies on gas, water, electricity and public transport, which is likely to further fuel prices.