Argentine consumers shocked by 100% inflation
2023.02.15 09:04
Argentine consumers shocked by 100% inflation
By Ray Johnson
Budrigannews.com – The government of Argentina announced on Tuesday that the rate of inflation has reached just shy of 100 percent. This comes at a time when workers’ budgets are under strain as costs exceed salaries and savers are feeling more pain from some of the world’s fastest rising prices.
The South American nation, which has been struggling with spiraling costs for a long time, saw monthly inflation accelerate to 6% in January, which was in line with predictions. Annual inflation reached 98.8%, the highest level since hyperinflation in the 1990s.
The 30-year-old Buenos Aires doctor Gisella Saluzzo had to tighten her belt.
“The truth is that I go to markets and look for cheap things to buy every day. “To get by, we look for places where the meat and vegetables are cheaper and look for online promotions,” she told Reuters.
The economy has been hit hard by high inflation, which has forced the central bank to raise interest rates to an eye-popping 75%. In advance of general elections in October, it has significantly diminished the popularity of President Alberto Fernandez’s center-left Peronist government.
Because many Argentines are dissatisfied with inflation and attribute it to poor economic management and government money printing, the conservative opposition currently holds a lead in the polls.
According to chiropractor Brian Muliane, who is 33 years old, his business struggled to survive due to inflation and taxes.
He stated, “They’re drowning us in our work, between paying for one thing and paying for another, along with taxes.” Numerous people are unable to work.”
In spite of government efforts to combat it, inflation could still accelerate this year and reach 95% by the end of 2022. Many have been compelled to alter their shopping routines and reduce their spending on luxuries.
Andrea Mendoza, a 50-year-old teacher, stated while out shopping, “There are things that I’ve stopped buying because I say no, it is just impossible for it to increase like this.” So I don’t buy some things, I change my habits, or I take advantage of deals.
