Life in Argentina costs almost double what it did a year ago. New data shows that inflation has risen to 98.8%. This is more than economists thought possible.
Compared to December, prices for Argentine consumers were on average 6% higher in January. The food, among other things, has risen significantly in price.
Argentina has been burdened with numerous economic problems for years and it is not possible to get rid of skyrocketing inflation. Even the current president Alberto Fernandez has tried everything, such as a price freeze and some restrictions on imports. But with no real result. Argentines are also not happy that inflation has recently risen sharply around the world.
Not bad
However, the current price hikes in Argentina are not all that severe when compared to the early 1990s. At that time, inflation in Argentina reached a level of 2600%. A deep economic crisis was raging at the time, and the Argentine government had to implement major reforms to help the country recover, which, incidentally, could not prevent a new crisis from repeating itself in the late 1990s.
Source: BNR
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
