Pakistan's Premier News Translation Agency

Argentina’s rising prices: Cost of living doubles

Argentina experiences the highest inflation since 1991.

Buenos Aires, 13 January 2023 (GNP): According to the recent stats issued by Argentina’s economists, it was observed that the country’s consumer prices inflated by almost 95 percent during 2022.

This is one of the highest inflation rates Argentina has ever hit in more than 30 years. This has resulted in weakened consumer purchasing power and devaluation of the Argentine Peso.

The annual rate marks the fastest clip of rising prices in more than three decades or since 1991. Argentina is struggling with one of the highest inflation rates globally as soaring prices have slowed down growth and forced shopkeepers to constantly increase their prices.

Griselda Melle from Argentina who’s a self-employed worker commented on the present economic situation of her country: “The money isn’t enough, the salaries aren’t enough, inflation keeps rising and we already started the year with increases in bus fares, clothing and food.” 

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Aurelio Narvaja, a forty-one-year-old teacher from Argentina spoke her thoughts as well saying: “It is a psychological factor that wears you out because wages do not increase like inflation increases.” – which is true as a hike in living costs and prices of general commodities can’t be caught up with while having stagnant or otherwise slow income growth.

The stats which were released by Argentina’s national statistics agency, INDEC, has stated that there would be another hike in prices and cost of living if the Dollar appreciates any further.

INDEC stated on Monday: “The general level of the consumer price index registered a monthly rise of 5.1% in December 2022, and amassed an increase of 94.8% in the 12 months of 2022.”

Countries all around the globe have been facing the worst inflation as part of the post-pandemic global economic recession back in 2020. Afterward, the global economy went downhill last year when Ukraine-Russia relations weakened and the situation escalated into a war between the two countries, which consequently led to supply chain disruptions and an increase in energy prices.