BUENOS AIRE (Reuters), a senior official from Argentina who was responsible for overseeing government efforts to control skyrocketing inflation resigned this Monday. The resignation stemmed from disagreements over the best way to manage steadily increasing prices that have hampered Argentina’s economy.

The annual inflation rate in South America reached 58% in April. This was due to an increase in food and energy costs following Russia’s invasion Ukraine. Some analysts predict that consumer prices will rise by 70% in the coming year.

Roberto Federetti, the Domestic Trade Minister of Italy, posted his announcement on Twitter (NYSE 🙂 with his resignation. He had served just seven months and was citing “political discrepancies”, but not going into details.

As internal tensions between President Alberto Fernandez and the left-leaning Peronists dragged out to the open, last week’s ministry led by Feletti was combined into the economy ministry.

Guillermo Hang (a central bank official) was named as the new domestic trade secretary in a later statement.