As the country attempts to battle an increasingly difficult struggle against economic problems, the Argentine government announced on Wednesday that it would be raising wholesale electricity rates starting next month, according to FOX News Latino.

Though the specifics of the intended price increase has not been revealed to the public as of writing, analysts are predicting that the rate would be very significant, possibly around a 200-300 percent hike for large-scale electricity users.

For those who consume less than 300 kilowatts per month, such as a conventional household, the electricity prices would experience a significant increase, though it would not be as massive as those that would be applied for the big users in the country.

The man behind the increase in Argentine electricity prices is none other than the head of the country himself, President Mauricio Macri, who has taken it upon himself to reduce the country's outstanding fiscal deficit that it has accumulated since the early 1980s.

Among the most prominent changes that the president initiated was the cutting of electricity subsidies, which have been known to have lowered the country's electricity charges to almost unimaginable levels, reported NASDAQ.

Marina Lescano, a 34-year-old nurse, stated that prior to the government's announcement, the country's electricity charges were not very logical at all. She stated that there are times when her electric bill would just be about $3.00 per month.

"The rates we've been paying made no sense. A pizza costs three times that much. This shouldn't affect my budget much at first, but I hear they will raise rates every three months," she said.

Though the government has created a way for itself to lessen its deficit with the removal of electric subsidies and the increase of electricity charges, doing so has actually placed the Latin American nation in danger of inflation.

Hector Polino, head of Free Consumers, a consumers group, stated that the government's recent decisions would have far-reaching effects on its finances, especially during this fiscal year. Polino further stated that he expects the country's inflation rate to reach levels of up to 35 percent this year.

Despite the relative dangers of inflation, however, investors to the country's energy sector have welcomed the announcement, with power companies across the nation experiencing a significant surge in their stock prices, reported Reuters.

Edenor, one of the country's premier power providers, experienced a 3.7 percent increase, while Transener, another prominent power company, went up 5.6 percent. Other power corporations also registered significant improvements in their share prices, signifying that though the government's strategy might end up being a double-edged sword for the country, it is a pivotal step forward, nonetheless.