The central bank raised its interest rate to the record level of 97%. The objective is to curb out-of-control inflation, which reached 108.8% on April 30 at an annualized rate.
The cumulative increase in the cost of living since January amounts to 32%, including an increase of 8.4% in April alone. The inflationary spiral, poorly structured in the country for years, has amplified in recent weeks with the inexorable fall of the peso. A severe drought that will cut agricultural revenues, crucial for the country.