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As it battles unprecedented inflation, Argentina’s central bank has just increased its benchmark interest rates by 3%. According to data from the regulator’s website, the key rate is now 81%, making it one of the highest benchmark interest rates in the world.

The regulator made the move after the March inflation reading came in at 104% year over year, beating all expectations. At that measurement, the price of many consumer goods are now more than twice what they cost this time last year.

At the same time, the nation’s trade deficit last month came in at $1.1 billion, the biggest deficit seen in almost five years. The deficit was impacted by an unprecedented drought which has hit the agricultural sector hard, causing the nation’s export basket to fall 34% from one year prior. Economists are predicting the country will experience as much as a 4% recession.

In popular parallel markets, where it is only worth about 50% of the official exchange rate, Reuters reports that the Argentinian peso has hit record lows against the US dollar. In addition, the international reserves for the South American country have also hit record lows.

For several years in a row now, Argentina has sported one of the highest inflation rates in the world. Policymakers in Buenos Aires have sought relentlessly to contain the inflation, however political divisions have prevented them from pursuing a coherent policy. As the current economic crisis was growing worse last summer, in just four weeks, three economy ministers succeeded one another over just four weeks.

The International Monetary Fund (IMF) approved distributing an additional $6 billion in bailout money in December, delivering the latest payout to the country from a 30 month program which is expected to ultimately pay out $44 billion.

Argentina’s interest rate is not the highest in the world however. That title goes to Zimbabwe, which sports a benchmark interest rate of 150%.