I can say, at least, that inflation in Argentina is spiking because of a devaluation of 40% in a single day. And it is a consequence of not adjusting the exchange rate to go with the inflation that happened in the former years (instead, for political reasons, they kept is more or less fixed). This changed with the recent change in the goverment, and thus the sudden devaluation, and the additional inflation.
Visited Argentina back in mid-2013. What's going on right now is a painful, but necessary, market correction. When I was there, anyone who could afford to do so kept their savings in dollars- the official exchange rate was about 5 pesos to the dollar, but the street exchange rate was 10 pesos to the dollar, and the Kirchner administration never took any steps to keep Argentines away from dollars- we withdrew dollars at ATMs, and every store we went to would take them, at the market rate. Often at a ridiculous margin, too- one evening my uncle, mother and I went to a lovely little restaurant near the Iguazu Falls that was recommended by our charmingly skeevy taxi driver. My uncle and I both got the best steaks I've ever eaten, my mother got an excellent pasta dish, and we split a really good bottle of wine. Final price? $54 for three people, for a meal that would have been well into triple figures in the States.
Yeah, it sucks that the peso is in free-fall, but when you spend a decade cooking the books to pretend the dollar is half as expensive as it actually is, don't be surprised when it comes back to bite you.
