Argentina’s official statistics agency reported that the country’s annual inflation rate has reached an astounding high of 104.3%, making it one of the highest inflation rates in the world. This surge in prices has severely impacted people’s salaries and caused poverty rates to increase to 40% in the nation.
One of the factors contributing to the inflation is the worst drought in Argentina’s history, which has greatly affected the soy, corn, and wheat crops and caused lost exports and domestic price increases, hurting the country’s economy.
The presidential spokeswoman acknowledged the challenges and expressed hope for a downward trend in inflation to be seen soon.
One publishing company employee shared that she has zero capacity to save due to the high inflation rate. The monthly inflation rate registered at 7.7%, which is higher than the anticipated 7.1%, making it the highest monthly growth since 2002.
The government is facing pressure from agitated citizens ahead of the October elections. This inflationary crisis is Argentina’s worst since 1991, and it has caused President Alberto Fernandez’s approval ratings to drop to just above 20%. Inflation is expected to be a significant issue for voters in the upcoming elections.
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