Argentina's annual inflation rate for 2023 hit 211.4%, exceeding Venezuela's for the first time in years.

President Javier Milei's drastic measures, such as a 50% currency devaluation, contributed to the inflation spike.

Despite a lower monthly inflation rate in December, many Argentines are struggling with affordability of basic necessities, leading to higher poverty.

Milei plans to tackle hyperinflation with severe austerity measures and plans to dollarize the economy, but anticipates conditions could worsen before they improve.

Analysts suggest that if Milei's strategies succeed, the inflation rate alignment with Venezuela could be brief.