That is a graph of the official exchange rate, set by the government and not moved by the market

Every day the government moves devalues the peso gradually.

If you search for a graph of the market valued dollars (MEP, CCL, Blue, etc) you'll find they look a lot more spiky

This one in Alphacast (a platform for economic data) compares the blue dollar to the MEP dollar https://www.alphacast.io/p/lisandroiriarte/charts/dolar-mep-...

my guess: once it gets baked into expectations that it will inflate a certain amount, it will continue to do so because everyone is planning around it like this.

Market manipulation by spending reserves like there is no tomorrow and borrowing from anybody, including China in yuans recently.