Skip to content
  • .about
  • .home
  • .business & economy
  • .ledger of lies
  • .tech

Corruption Ledger

The Public Ledger of Corruption

  • .corruption
    • banks
    • censorship
    • corporate
    • environment
    • government
    • health
    • journalism
    • misinformation
  • .crime
    • child victims
    • tech crime
    • dimwit crimes
    • financial crime
    • killings
    • shootings
  • .international conflict
    • Israel-Palestine
    • Nordstream
    • Russia vs. West
    • war news
    • war machines
  • .privacy & surveillance
  • .leaks
    • all leaks
    • Wikileaks
  • .regions
    • All Regions
    • Africas
    • North Americas
      • All
      • Canada
      • U.S.
    • Asias
    • Europe
    • Middle East
    • Oceania
  • .sanctions feeds
    • Canadian Sanctions Feed
    • EU Sanctions Feed
    • US Sanctions Feed
  • Toggle search form
  • What’s the basis of the Republicans’ Joe Biden impeachment inquiry? All News
  • Biden impeachment inquiry opens with focus on son’s business dealings All News
  • Polish minister launches bill to extradite Ukrainian Nazi WW2 veteran Hunka from Canada All News
  • Poland: Ukraine is drowning and therefore dangerous All News
  • This China trade war isn’t about semiconductors: Straits Times Business & Economy
  • Airbus Hacker Threatens to Sell US, Europe Military Intel on Dark Web All News
  • Intel-linked UK official pushing censorship of Russell Brand -The Grayzone _enforcement
  • Australia Signs $210 Million Underwater Tracking Contract All News

Inflation in Argentina surges past 100 percent in historic spike

Posted on March 14, 2023July 10, 2023 By CorruptionLedger No Comments on Inflation in Argentina surges past 100 percent in historic spike

The National Institute of Statistics and Census (INDEC) released its February report on Tuesday, pinpointing Argentina’s annual inflation at 102.5 percent as the country continues to suffer from one of its worst economic crises in decades.

In February alone, inflation rose 6.6 percent, with food and beverages identified as the category of items most affected. INDEC credited the 9.8-percent increase in food costs to steep prices for meat, dairy and egg products.

The latest inflationary jump arrives as Argentina contends with a historic drought, its worst in nearly 60 years, and wildfires in areas like the northern Corrientes province.

Children play in a plastic swimming pool in Buenos Aires on March 14 as Argentina contends with a major heat wave [Victor R. Caivano/AP Photo]

The country is a leading exporter of soybeans, alongside the United States and Brazil, as well as other agricultural products like corn, wheat and other grains.

But with crops failing in Argentina’s fertile grasslands, known as the Pampas, industry experts have slashed the country’s expected agricultural yields to levels not seen since the turn of the century. High temperatures, believed to be sparked by climate change, have beleaguered the country since May 2022.

Argentina has the second largest economy in South America. But for much of the last century, its market has been notoriously volatile, with a debt crisis in the 1980s spurring chronic hyperinflation throughout that decade.

The inflation crisis hit a peak in 1989 with rates reaching more than 3,000 percent at certain points.

The value of Argentina’s currency, the peso, has dropped in the face of increasing inflation [File: Agustin Marcarian/Reuters]

Struggling with its spiralling international debt, Argentina arranged a controversial deal in 2018 with the International Monetary Fund (IMF) for more than $57bn in credit — the largest loan package in the fund’s history.

But inflation has crept higher since 2018, and the country has struggled to keep pace with its repayment plan. A new $44bn loan deal was reached with the IMF in 2022, to replace the 2018 plan.

On Monday, the IMF announced it had reached a “staff-level agreement” to ease the country’s economic targets under the new debt plan, citing “the challenges of an increasingly severe drought”.

[embedded content]

Speaking to the Reuters news agency, shoppers on the outskirts of the capital Buenos Aires expressed frustration with Argentina’s economic struggles and the toll it was taking on their cost of living.

“There’s just nothing left. There’s no money. People don’t have anything, so how do they buy?” said Irene Devita, 74-year-old retiree shopping for groceries.

She told Reuters that she had been recently forced to forego a planned purchase of tomatoes as food costs outstripped her ability to pay.

Another shopper, 50-year-old Patricia Quiroga, expressed frustration at politicians’ seeming inability to curtail the inflation.

“I am tired, tired, just tired of all this, of the politicians who fight while the people die of hunger,” she told Reuters. “This can’t go on any more.”

Argentina is set to hold general elections, including for president, this October.

Related

All News, Business & Economy, Eastern Sources, Spotlight, z-Exclude Tags:All Regions, Region Americas, z.aljazeera

Post navigation

Previous Post: Paris visitors alarmed at trash strike
Next Post: Exclusive: Russia’s secret document for destabilizing Moldova

You must log in to post a comment.

Wall of Shame

  • Censorship & Access to Information
  • Environmental Collapse
  • Journalism
  • In Court
  • Enforcement
  • Free Speech: What’s it good for?

Recent

  • What’s the basis of the Republicans’ Joe Biden impeachment inquiry?
  • Biden impeachment inquiry opens with focus on son’s business dealings
  • Polish minister launches bill to extradite Ukrainian Nazi WW2 veteran Hunka from Canada
  • Poland: Ukraine is drowning and therefore dangerous
  • This China trade war isn’t about semiconductors: Straits Times
  • Airbus Hacker Threatens to Sell US, Europe Military Intel on Dark Web
  • Intel-linked UK official pushing censorship of Russell Brand -The Grayzone
  • Australia Signs $210 Million Underwater Tracking Contract
  • TransUnion denies it was hacked, links leaked data to 3rd party
  • 400,000 calls made to Japanese Embassy in China over radioactive water
About CL
Shootings | Air Force and Aerospace
Rumble Video from CL
  • Reddit paywall drama: Communities extend boycott All News
  • Inquest Highlights Abuses in Canada’s Immigration Detention Corruption
  • NATO: Ukraine allies sent 1,550 combat vehicles, ‘vast’ ammo Defense and National Security
  • New threat to privacy? Scientists sound alarm over newly developed DNA tool All News
  • US blocks European F-16 training for Ukrainian pilots – NYT Aerospace
  • A 2nd wave of layoffs at Meta; 10,000 jobs are cut All News

Copyright © 2022 Corruption Ledger. This web site contains no ads.