Argentina's Inflation Skyrockets to Record 109% Surpassing All Forecasts

Argentina's annual inflation rate hit 109% in April, surpassing analyst forecasts and pushing one in four people into poverty. The country's 8.4% monthly inflation rate was the highest in decades, and the price spike has been exacerbated by a historic drought and volatility in the foreign exchange market. The government is struggling to fight currency weakness and dwindling central bank reserves, which are imperiling its finances and its $44 billion loan deal with the International Monetary Fund.