ISTANBUL

Argentina's Central Bank announced Thursday it has raised its benchmark interest rate 300 basis points to 81%.

The decision comes after annual consumer inflation in the country jumped to a new record of 104.3% in March, according to data the national statistics agency released on April 14.

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.

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 last Sept. 15, when it hiked interest rates by a whopping 550 basis points to 75% to fight rising inflation.