South America: Inflation in Argentina rises to almost 290 percent

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Written By Maya Cantina

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In Argentina Consumer prices have risen by 289.4 percent in the past twelve months. Annual inflation in the South American country has reached its highest level since the early 1990s. In particular, the costs for housing, gas, water and electricity rose sharply, the national statistics agency Indec announced.

Recently, however, the situation has eased: in April, prices in the South American country, hit by a severe economic crisis, rose by 8.8 percent compared to the previous month. It was the first time since October last year that the monthly magazine inflation percentage remained in single digits. According to experts, the reasons for this are slower money creation and lower consumption.

Inflation in Argentina is one of the highest in the world. South America’s second-largest economy suffers from a bloated state apparatus and low industrial productivity. In addition, there is a large shadow economy in the state, which means that a lot of tax revenue passes the tax authorities.

President Milei implements radical austerity measures

It took over last December Javier Milei as president the official affairs of the country. The economist is considered an anarcho-capitalist and wants Argentina to have one too radical austerity program get back on track. As a result, the government has cut thousands of public sector jobs, cut subsidies and cut social programs in recent months.

However, there was already an uproar among the population Resistance to cuts. This year the unions called twice to a general strike, most recently last week. The strike largely brought local public transport and air traffic in the South American country to a standstill. In addition, banks, supermarkets, schools, universities, transport companies, the garbage collection service and the post office were on strike. Many stores remained closed because employees could not come to their workplace.

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