Soars past 100%, as the price of all essential goods have literally gone sky high
Inflation has gone through the roof in Argentina, wreaking havoc in the South American country, as the prices of all essential goods have literally gone sky high.
Year-over-year inflation rates surpassed the 100% mark in Argentina. According to the country’s statistics agency (INDEC), prices for many consumer goods have doubled since 2022.
Skyrocketing prices will no doubt further complicate the country’s economic health. Higher costs will erode people’s purchasing power and render bank savings worthless. Inflation in Argentina is being fueled mostly by soaring meat prices, which have risen nearly 20% in just a month.
To make matters worse, heat waves and droughts have ravaged Argentina’s countryside, leaving livestock and crops in short supply. The deteriorating economic situation has faded the political prospects of the current left-leaning government led by Alberto Fernández, whose Justicialist Party is often blamed for Argentina’s current economic prices.
However, the governing party is putting up a stout defence to that narrative arguing that it has used all the tools at its disposal to contain inflation, including price caps. Nevertheless, the Argentinean peso continues to lose force against the US dollar, making imports extremely expensive.
The country’s central bank is now talking about issuing higher-denominated 2,000 peso bills in response to the rise in consumer prices.