Argentina’s Inflation Rate
BUENOS AIRES (Reuters) – Argentina’s monthly inflation rate stood at 4.2% in August, according to official data released on Wednesday. This marks an increase from the previous month and exceeds analysts’ forecasts. With inflation spiraling, Argentines are tightening their wallets.
The 12-month inflation through August reached 236.7%, the highest recorded globally, surpassing a Reuters poll forecast of 235.8%. Analysts had anticipated a minor slowdown to 3.9%, signaling potential progress for libertarian President Javier Milei, whose government is focused on controlling excessive prices.
The statistics agency INDEC noted that the monthly price hikes were propelled by rising costs in living, utilities, education, and transport. Monthly inflation has remained around 4% since May.
Due to the soaring costs, poverty rates this year have reached their highest in at least 20 years, as per a recent study.
“I swear I don’t know how to make ends meet,” lamented 63-year-old Liliana Martins, expressing difficulty in savings despite efforts.
A kilogram of potatoes now costs 1,274 pesos (approximately $1.33), nearly 40% higher than the previous month, with similar increases seen in meat, dairy, and soap prices.
Agustina Celeste Brito, a 24-year-old teacher, stated she pools her salary with her parents’ to cope, whereas 27-year-old Victoria Godoy finds her salary inadequate to cover rising household expenses.
“I pay all the utilities, and every month it goes up, but my salary is not enough,” Godoy expressed.
($1 = 957.5000 Argentine pesos)
Comments (0)