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Argentina has reported an annual inflation rate of 211.4% in December, highlighting the severity of the economic crisis facing the country under its new libertarian President, Javier Milei. The monthly inflation rate surged to an average of 25.5% in December, compared to a 12.8% increase in November. This alarming rate is the highest since 1991, when Argentina was emerging from a period of hyperinflation. Argentina's chronic high inflation is largely attributed to the previous governments' reliance on money printing to fund expenditures—a practice that President Milei opposed during his campaign. The economic challenges intensified in December as Milei devalued the peso's artificially high official exchange rate by 54% and allowed price-fixing agreements to lapse, impacting food prices significantly.