BUENOS AIRES, March 15 (Reuters) - Argentina has put the possibility of a hike to the key interest rate back on the table, as sky-high inflation pummels consumers and fears of banking crisis contagion ripple through the market, a source familiar with the matter told Reuters on Wednesday.

Monetary policy makers are discussing the possible hike, though keeping the benchmark rate steady for a sixth straight meeting is the most likely scenario, according to the source.

Argentina's central bank declined to comment.

The discussion comes after Argentina's annual inflation rate tore past 100% in February, the first time it has hit triple figures since a period of hyperinflation in 1991. Importantly, data also showed a higher-than-expected 6.6% monthly rise in the Consumer Price Index.

Argentina's central bank broke a long tightening cycle last October and has held the 28-day Leliq rate unchanged since then, following a final hike in September of 550 basis points to an astounding 75%.

Some of the central bank's directors were surprised by the inflation figure, the source said, but most directors were still inclined not to raise the key rate.

"The central bank's directors are focused on core inflation, and even though the February number was high, eliminating meats the headline inflation number would have been below 6%," a market source said.

Still, the possibility of a hike had increased on renewed concerns about stresses within the banking sector after Silicon Valley Bank's sudden collapse in the United States last week and Swiss regulators threw a liquidity lifeline to Credit Suisse when the lender got caught up in a crisis of confidence, the source added. (Reporting by Jorge Otaola; Writing by Carolina Pulice; Editing by Anthony Esposito and Josie Kao)