Argentina inflation hits 124 per cent as cost-of-living crisis deepens
- Argentine inflation keeps soaring, putting the government on the defensive as elections near
- The inflation rate in South America’s second-largest economy is one of the highest in the world
Argentina’s annual inflation rate shot up to 124.4 per cent in August and hit its highest level since 1991, stoking a painful cost-of-living crisis in the South American country.
The soaring prices, which rose more than expected, are forcing hard-hit shoppers to run a daily gauntlet to find deals and cheaper options as price hikes leave big differences from one shop to the next, with scattered discounts to lure shoppers.
The August monthly inflation reading of 12.4 per cent – a figure that would be eye-watering even as an annual figure in most countries worldwide – is pushing poverty levels past 40 per cent and stoking anger at the traditional political elite ahead of October elections.
“It’s so hard. Each day things costs a little more, it’s like always racing against the clock, searching and searching,” said Laura Celiz as she shopped for groceries in Tapiales on the outskirts of Buenos Aires. “You buy whatever is cheaper in one place and go to the next place and buy something else.”
Mariela Suchowieski, 18, has been seeing the effect of the price increases on her diet.