In a startling development, Argentina's annual inflation rate surged past 211% in December, the highest level since the early 1990s, according to official data released on Thursday. The alarming figures come as the country's new libertarian President, Javier Milei, strives to combat hyperinflation through stringent austerity measures.

Adding to the economic challenges, Argentina's monthly inflation rate reached 25.5% in December, just below expectations. This sharp increase follows the peso currency's significant devaluation last month after Milei assumed office on December 10, vowing to rein in inflation.

The latest inflation reading surpasses that of regional counterpart Venezuela, which had long been known for its soaring inflation rates. Venezuela's inflation cooled to an estimated 193% in 2023, after years of uncontrollable price rises.

Although high inflation has plagued Argentina for years, the current rate of price increases is the highest seen since the 1990s when the country was grappling with hyperinflation. Notably, the cost of food is escalating at a particularly rapid pace.

President Javier Milei, a political outsider propelled to power by public discontent over the deteriorating economic situation, is determined to implement tough austerity measures to combat inflation, address the fiscal deficit, and rebuild the government's finances.

However, Milei cautioned that the process of curbing inflation will require time, and there may be further challenges before improvements are realized. The impact of these measures is already being felt by many Argentines, with a staggering two-fifths of the population currently living in poverty.

The Argentine government under President Milei faces a daunting task as it grapples with the severe inflationary pressures and strives to stabilize the economy. The future remains uncertain, and citizens continue to face economic hardships.