High prices and inflation overwhelm Argentines

Argentina ranks third in the world ranking of annual inflation and first in the monthly price rise in Latin America, when the rest of the region had inflation of less than 1% in the last month.

In global terms, only Venezuela and Lebanon surpassed Argentina, which has 114.2% inflation since May 2022.

The prospects are not promising and seriously affect basic consumer products, services and essential inputs, in a year marked by the political campaign for the presidential elections.

The Argentine government seeks through meetings with the most important companies in the market, which gather 90% of the products, to control prices, supply and import of products, to maintain consumption and avoid a greater impact of the crisis.

For this reason, the Minister of the Economy, Sergio Massa, said that inflation must be fought because it is a very serious disease.

“Inflation is neither more nor less than the fever of a sick economy and the challenge that we all have and I as the main person responsible. We have to lower the fever and face this disease in which we repeatedly fall, ”he said.

He added that “this requires fiscal order, discipline, teamwork and setting objectives and not changing them in the face of adversity. It requires a responsible look from the political, social and union leadership”

Meanwhile, the Central Bank of Argentina maintains one of the highest interest rates in the world at a nominal level, since inflation could reach 171% in the coming months.

Traders, such as Fernando Savore, president of the Federation of Grocers, expressed concern about price speculation.

“We understand that companies will have their reasons for increasing their prices, but we understand that within these chains there are speculators who are earning more than they should,” he said.

“Nobody wants to mess with the profitability of the other, but you can win without putting your hand in the pocket of the consumer. Because the consumer, based on so many increases that he received, is punished. The salary is depressed and at this moment you have to make a patriary ”.

Meanwhile, in the streets there is more and more poverty and people living in the open air in several cities. Facundo and Aron are some of them.

“It is not enough for us and it is the only thing we have. The cost of living has increased a lot and at night I don’t even sleep,” said one of them.

“Prices are very high and it is very difficult to survive and sometimes we just eat by digging through garbage cans,” said the other homeless person.

Argentina must cover in the first four months of 2024, almost 13 million dollars of debt, the equivalent of 8% of the Gross Domestic Product.

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