A recent study conducted by the Catholic University of Argentina (UCA) has revealed alarming statistics, indicating that poverty levels in Argentina have surged to 57.4 per cent, marking the highest recorded figure in at least two decades. <o:p></o:p>

The report, cited by local media outlets, underscores the economic challenges faced by the South American nation, exacerbated by currency devaluation and subsequent price hikes.<o:p></o:p>

"The true inheritance of the caste model: Six out of every 10 Argentines are poor," remarked President Javier Milei, a libertarian figure, expressing dismay over the grim reality highlighted in the report. <o:p></o:p>

Milei's comments reflect growing discontent among Argentinians grappling with economic hardships and disillusionment with traditional political structures.<o:p></o:p>

President Milei, who assumed office with promises of radical economic reforms, initiated sweeping changes aimed at stabilising the economy, curbing hyperinflation, and addressing fiscal deficits.<o:p></o:p>

However, the implementation of policies including a 54 per cent peso devaluation against the US dollar and cuts to energy and transportation subsidies triggered a sharp increase in prices, significantly impacting the purchasing power of Argentinians.<o:p></o:p>

In response to the economic turmoil, Milei's administration unveiled measures to achieve fiscal balance, including tax hikes and the elimination of benefits for political elites, whom he refers to as "the caste."<o:p></o:p>

These initiatives, while intended to address long-standing economic imbalances, have contributed to widespread social unrest and heightened financial distress among vulnerable segments of the population.<o:p></o:p>

Argentina's economy ministry has disclosed its most recent economic data, which shows a 518.41 billion peso ($620.85 million) budget surplus for January—the first positive amount since August 2012.

While this development signals a potential turnaround, it is juxtaposed against the backdrop of surging poverty levels, highlighting the complexity of Argentina's economic landscape and the challenges facing policymakers in fostering inclusive growth.<o:p></o:p>

Despite the efforts of President Milei's government to stabilise the economy, concerns persist regarding the long-term impact of austerity measures on vulnerable communities and the broader socio-economic picture of Argentine society. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

A recent study conducted by the Catholic University of Argentina (UCA) has revealed alarming statistics, indicating that poverty levels in Argentina have surged to 57.

A recent study conducted by the Catholic University of Argentina (UCA) has revealed alarming statistics, indicating that poverty levels in Argentina have surged to 57.4 per cent, marking the highest recorded figure in at least two decades. The report, cited by local media outlets, underscores the economic challenges faced by the South American nation, exacerbated by currency devaluation and subsequent price hikes. "The true inheritance of the caste model: Six out of every 10 Argentines are poor," remarked President Javier Milei, a libertarian figure, expressing dismay over the grim reality highlighted in the report. Milei's comments reflect growing discontent among Argentinians grappling with economic hardships and disillusionment with traditional political structures. President Milei, who assumed office with promises of radical economic reforms, initiated sweeping changes aimed at stabilising the economy, curbing hyperinflation, and addressing fiscal deficits. However, the implementation of policies including a 54 per cent peso devaluation against the US dollar and cuts to energy and transportation subsidies triggered a sharp increase in prices, significantly impacting the purchasing power of Argentinians. In response to the economic turmoil, Milei's administration unveiled measures to achieve fiscal balance, including tax hikes and the elimination of benefits for political elites, whom he refers to as "the caste." These initiatives, while intended to address long-standing economic imbalances, have contributed to widespread social unrest and heightened financial distress among vulnerable segments of the population. Argentina's economy ministry has disclosed its most recent economic data, which shows a 518.41 billion peso ($620.85 million) budget surplus for January—the first positive amount since August 2012. While this development signals a potential turnaround, it is juxtaposed against the backdrop of surging poverty levels, highlighting the complexity of Argentina's economic landscape and the challenges facing policymakers in fostering inclusive growth. Despite the efforts of President Milei's government to stabilise the economy, concerns persist regarding the long-term impact of austerity measures on vulnerable communities and the broader socio-economic picture of Argentine society. (With inputs from Reuters)

Argentina's poverty reaches 20-year peak during economic crisis, UCA study says

In Argentina, the annual inflation rate has soared to a high of 104.3 per cent. The astounding high was revealed by the nation's official statistics agency on Friday. Reuters reports that this is one of the highest inflation rates in the world.&nbsp;Argentina's soaring prices have badly dented people's salaries and have pushed up poverty in the nation to 40 per cent.

Argentina, which is one of the world's major grain exporters, is currently grappling with one of the worst droughts in its history. The dry season has reportedly "hammered" soy, corn and wheat crops, and lost exports and falling domestic prices have knocked billions off the country's economy.

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"The number we see today represents the worst moment of the impact of the war on international prices and the worst drought in history in our country," said presidential spokeswoman Gabriela Cerruti on Twitter.

"We know, it hurts us, it occupies us, how this affects daily life and every family," she said adding that the government is "redoubling" its efforts and that they hoped a downward trend in inflation would be "reflected soon."

"In my case, I have zero capacity to save," said Claudia Hernansaez, a publishing company employee while talking to Reuters.

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The inflation rate for the month registered at 7.7 per cent, significantly exceeding the 7.1 per cent that analysts had anticipated, and making it the highest monthly growth since 2002. This puts additional strain on the government, which is confronted with agitated citizens prior to the October elections.

The inflationary crisis is Argentina's worst since 1991, a year that as per Reuters marked the end of a period of hyperinflation. With the increase in inflation, approval ratings for the nation's President Alberto Fernandez have taken hits and are currently hovering just above 20 per cent. Inflation is expected to be one of the deciding issues for voters in the upcoming October elections.

(With inputs from agencies) 
 
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In Argentina, the annual inflation rate has soared to a high of 104.3 per cent. The astounding high was revealed by the nation's official statistics agency on Friday.

In Argentina, the annual inflation rate has soared to a high of 104.3 per cent. The astounding high was revealed by the nation's official statistics agency on Friday. Reuters reports that this is one of the highest inflation rates in the world. Argentina's soaring prices have badly dented people's salaries and have pushed up poverty in the nation to 40 per cent. Argentina, which is one of the world's major grain exporters, is currently grappling with one of the worst droughts in its history. The dry season has reportedly "hammered" soy, corn and wheat crops, and lost exports and falling domestic prices have knocked billions off the country's economy. Also read | Uber accused of charging customers more when their phone battery is low: Report "The number we see today represents the worst moment of the impact of the war on international prices and the worst drought in history in our country," said presidential spokeswoman Gabriela Cerruti on Twitter. "We know, it hurts us, it occupies us, how this affects daily life and every family," she said adding that the government is "redoubling" its efforts and that they hoped a downward trend in inflation would be "reflected soon." "In my case, I have zero capacity to save," said Claudia Hernansaez, a publishing company employee while talking to Reuters. Also read | Pakistan a step closer to getting IMF bailout after UAE, Saudi Arabia pledge billions in assistance The inflation rate for the month registered at 7.7 per cent, significantly exceeding the 7.1 per cent that analysts had anticipated, and making it the highest monthly growth since 2002. This puts additional strain on the government, which is confronted with agitated citizens prior to the October elections. The inflationary crisis is Argentina's worst since 1991, a year that as per Reuters marked the end of a period of hyperinflation. With the increase in inflation, approval ratings for the nation's President Alberto Fernandez have taken hits and are currently hovering just above 20 per cent. Inflation is expected to be one of the deciding issues for voters in the upcoming October elections. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Argentina annual inflation over 104%, poverty up by 40%, people report ‘zero capacity to save’

Millions in Argentina struggling to make ends meet as the country's annual inflation rate has skyrocketed. It has crossed the 100% mark in February 2023, reaching a 102.5%. Argentina has been in economic difficulty for many years and many people now live in poverty.

INFLATION in Argentina skyrockets to 102.5%, hits triple digits for first time since 1991