BUENOS AIRES, May 13, 2023 (BSS/AFP) - Inflation in Argentina reached 108.8 percent in the 12 months to April, a more than three decade high, the Indec national statistics institute said Friday.

Month-on-month, inflation in April was 8.4 percent in Latin America's third largest economy.

Argentina has one of the highest inflation rates in the world.

In 2022, it reached 94.8 percent, the country's highest annual figure since 1991, when it exceeded 171 percent.

The government has set a 2023 inflation target of 60 percent, but a recent Central Bank report of market expectations projected a figure for 2023 of 126.4 percent.

On top of its battle with inflation, Argentina is also dealing with a strong depreciation of its currency just months ahead of general elections.

The peso stood at 238.5 to the dollar at the official rate Friday, but 474 on the parallel black market.

The country's economic problems have been worsened by the impact of a severe drought on its farming and livestock sectors, the largest source of foreign exchange.

The International Monetary Fund has forecast growth for the South American country of 0.2 percent in 2023.