Sadly Argentina, but still not the worst one.
Argentina's inflation rate reached 108% per annum, and in order to fight inflation, the Central Bank of Argentina announced a 6% increase in the base interest rate, bringing Argentina's base interest rate to 97%. Of course, Argentina is not the country with the highest basic interest rate at present, and there is a Zimbabwe in front of it, with a basic interest rate of up to 200%, and it is very magical to save three times a year.
But it is clear that raising interest rates has no effect on controlling inflation, otherwise interest rates would not have soared all the way to 97%, and raising interest rates is more like a reaction reaction: all the government can do is prove that they have done it, but the private sector is really running out of money.
I watched a video a few days ago about a donkey friend shopping in an Argentine duty-free shop half a year ago, because the peso was devalued at that time, a dollar can be exchanged for 120 pesos, and it is not too cheap to buy luxury goods with US dollars, so that duty-free shops have begun to restrict purchases. Now that a dollar can be exchanged for 240 pesos, and the black market price is as high as 500 pesos for a dollar, aren't duty-free shops in Argentina now a cabbage price?
World Bank economists explain only the global supply chain crisis, rising energy prices, Argentina's industrial singularity, and Argentina's recent severe drought. But since Argentina has recently begun to actively promote the settlement of import and export trade with China in yuan, it has been shown that no one believes the words of Western experts.
But looking at the world, Argentina is still not the most miserable country, on the annual inflation rate ranking, Venezuela reached 104.3%, Lebanon reached a staggering 264%, under the stick of US interest rate hikes, all trembling and powerless countries.
