Inflation in Argentina Reaches 104%
In March, Argentina’s annual inflation rate skyrocketed to 104.3%, per figures from the country’s official statistics agency that were published on April 14, 2023. Argentina’s inflation is one of the highest in the world and is causing a major socioeconomic crisis.
“I try to think that someday we’re going to be better off. But the inflation we’re living with today in Argentina is terrible. It feels like never before,” stated Claudia Hernansaez, a publishing company employee.
“In my case, I have zero capacity to save.”
Rising inflation has eaten away at salaries and diminished purchasing power. Poverty has climbed upwards to 40% which has hurt the government of President Alberto Fernandez.
“The number we see today represents the worst moment of the impact of the war on international prices and the worst drought in history in our country,” presidential spokeswoman Gabriela Cerruti said on Twitter.
“We know, it hurts us, it occupies us, how this affects daily life and every family,” she continued.
Elections are approaching in October, with inflation figuring to be one of the most prominent issues during this election cycle in Argentine politics. Libertarian economist Javier Milei has capitalized on Fernandez’s dismal approval rating, due to his government’s inability to stop inflation, by campaigning on a free market economic platform.
Who knows if Argentina will break this cycle. However, one thing is becoming clear: If the US doesn’t get its economic house in order, it’s going to become the next Argentina in no time — a fate that could be avoided with the right kind of political leadership.