Retail prices of wheat flour continued to rise by about 10 percent month‑on‑month and were 365 percent higher year-on-year in March 2024 due to tight supplies of wheat grain from the below-average harvests in 2022 and 2023, compounded by elevated milling and transport costs. In general, prices of food items continued to increase, amid difficult macroeconomic conditions, exacerbated by the currency devaluation in December 2023. Since then, the Argentine peso has depreciated significantly, and stood at ARS 850/USD 1 in March 2024 compared to ARS 203/USD 1 a year ago. In March, the annual food inflation rate was 308 percent at the national level.