Argentina's inflation jumps to new record of 104.3% in March

By Ovunc Kutlu

ISTANBUL (AA) - Annual consumer inflation in Argentina jumped to a new record of 104.3% in March, according to data released Friday by the country's national statistics agency.

The annual gain was an uptick from a 102.5% increase in February – the highest level for the South American country since the early 1990s.

The figure came in higher than market estimates of 97.6%.

On a monthly basis, consumer inflation rose 7.7% in March, according to the figures released by state statistics authority INDEC.

While the figure came in higher than market expectation of 7.2%, it is a gain from 6.7% in February.

Argentina's central bank on March 16 increased its benchmark interest rate by 300 basis points to 78%

That marked the first rate hike by the bank since Sept. 15, when it hiked interest rates by a whopping 550 basis points to 75% to fight rising inflation.