Argentina's inflation rate soars to 71%

Argentina's inflation rate has risen to more than 70% amid a severe economic and financial crisis.
Consumer prices climbed 71% in July year-on-year, the country's statistical office Indec said on Thursday.
In July alone, prices increased by 7.4% compared to the previous month.
The government recently announced it would freeze prices and salaries for two months in order to slow the decline in the value of the national currency, the peso.
Argentina's inflation rate is one of the highest in the world. To finance the budget deficit, the South American country's central bank is constantly printing fresh money.
Moreover, Argentina has been suffering from a severe economic crisis for years due to a bloated state apparatus, low productivity in industry and a large shadow economy that deprives the state of much tax revenue.
Meanwhile, the peso continues to depreciate against the US dollar, and the country's debt is growing.