ISTANBUL

Argentina's annual consumer inflation in March climbed to a new record high of nearly 288%, according to data released Friday.

On a monthly basis, the consumer price index (CPI) in March jumped 11% from the previous month, following a gain of 13.2% in February.

CPI saw an increase of 51.6% in the first quarter, the National Institute of Statistics and Censuses wrote on X.

Consumer inflation soared to a new record high of 287.9% year-on-year, said the institute.

Annual consumer inflation in the South American country hit 276.2% in February, after 254.2% in January – the highest in more than three decades.

Argentina's Central Bank on Thursday lowered interest rates to 70% from 80% – the third rate cut since President Javier Milei took office in December.