97% formed the main interest rate her central bank of argentinaafter an increase of six percentage points, in an attempt to solve the problem inflationwhich reached a 30-year high.

Central banks around the world are struggling to contain inflation, but this is a particular problem in Argentinawhere the annual index jumped more than 100% last month.

These are the highest inflation rates in Argentina since the early 1990s and are currently the highest in the world after Venezuela and Zimbabwe. By comparison, inflation is below 5% in the US, where the central bank has raised key interest rates by five percentage points in 14 months.

The annual price index jumped more than 100% last month, reaching its highest level since the early 1990s.

Argentina’s central bank hopes the interest rate hike will spur investment in the country’s currency, according to a statement released to the public. Hyperinflation has led to a large outflow of investment, causing the peso to depreciate 23% against the dollar this year.

Ahead of the presidential election scheduled for October, Economy Minister Sergio Massa has focused on preventing further currency devaluations and containing inflation. He has been considered a candidate since incumbent President Alberto Fernandez announced last month that he would not seek re-election, so his success may depend on his inflation-fighting plan.

However, analysts do not expect the new rate hike to bring any real change to the Argentine markets. “There is a sense that the government has completely lost out on inflation,” said Miguel Kigel, an economic adviser and former deputy central bank governor of Argentina.

“I’m afraid the government acted too late: raising interest rates is of course the main strategy to fight inflation, but it takes time,” he told CNN. “When the central bank raises interest rates, the effect is felt after about two or three months, and this time is inefficient in the situation of Argentina.”