Argentina’s central bank increased its key interest rate to 69.5% in an effort to rein in the country’s spiraling inflation.

The bank increased its benchmark rate for a 28-day period by 9.5% percentage points, its second increase in as many weeks.

It comes as recent data revealed that the nation’s inflation rate has risen to a 20-year high of more than 70%.

After the most recent US statistics revealed that inflation had decreased, the results crushed optimism that price increases had reached their pinnacle.

The bank stated in a statement that “the increase in the policy rate will assist lower inflation expectations for the balance of the year.”

The move, the ninth increase of the year, comes after the bank increased the rate by 8 percentage points two weeks earlier.

By the end of the year, the country’s inflation rate is anticipated to reach 90%.

Sergio Massa, Argentina’s newest economics minister, has a number of goals in mind for the country’s second-largest economy in South America, including containing rising prices, reducing debt, and cutting back on government expenditure.

Since early last month, Mr. Massa, the third person to occupy the position, has attempted to control inflation using a more traditional strategy than his predecessors.

Along with rising interest rates, he has vowed not to ask the government to increase spending by having the central bank generate more money this year.

Martn Guzmán left his position as finance minister in July after serving in the position for more than 2.5 years. Silvina Batakis, his replacement, held the position for barely one month.

Argentina avoided defaulting on a $44 billion loan from the International Monetary Fund earlier this year.

Many people in the nation are deeply concerned about the effects of the steps the government must take to fulfill the terms of the agreement.

Protesters have been demonstrating on the streets of the nation’s capital Buenos Aires in recent weeks in opposition to President Alberto Fernández’s management of the economy.