Argentina’s inflation rate soars to 124 per cent

Sky News Business Reporter Edward Boyd says “spare a thought” for the people of Argentina, where inflation is 124 per cent and continues to rise.

“Every day Argentinians are running the gauntlet, looking for deals in retail shops where prices can vary rapidly from store to store,” Mr Boyd said.

During August, the inflation rate in Argentina surged to 124.4 per cent, which is the highest level since 1991.

Reuters say the level of poverty is now above 40 per cent, which is creating plenty of anger ahead of the October elections next month.