Argentina's annual inflation rate tore past 100% in February, the country's statistics agency said on Tuesday, 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, government data showed, with a higher-than-expected 6.6% monthly rise in the Consumer Price Index (CPI), and a 13.1% year-to-date increase.

In Argentina's markets, shops and homes, the impact of spiraling prices is being felt keenly as one of the highest inflation rates in the world stretches people's wallets.

 Tuesday’s data comes at a complex moment for the centre-left administration of President Alberto Fernández, which had hoped to ease financial pressure on voters ahead of a tough election challenge in October.

Polls have consistently shown that inflation is a primary concern among Argentines, followed by corruption and poverty.

Soaring prices have largely been attributed to a bout of central bank money-printing, as well as Russia’s war in Ukraine. The amount of money in public circulation has quadrupled during Fernández’s first three years in office, according to central bank data.

Following the latest figures, Argentina now has one of the highest rates of inflation globally. It is behind only Zimbabwe, Lebanon, Venezuela and Syria, all of which reported triple-digit inflation last year.

Economists had widely expected inflation to remain stubbornly high throughout 2023 and are sceptical of the effectiveness of government measures to tame it.

A state price control scheme known as Precios Justos, or “Fair Prices”, has temporarily frozen the cost of more than 1,700 goods until December. But that has not been enough to cool price rises given the serious imbalances in the Argentine economy. Similar price controls introduced in 2021 were not enough to halt soaring prices, and consumer sentiment has continued to deteriorate.