Poverty in Argentina Reaches 20-Year High of 57.4% After Peso Devaluation Under President Milei

• Poverty levels in Argentina hit 57.4% in January, the highest in at least 20 years, according to a Catholic University of Argentina report • The peso devaluation and price hikes after President Milei took office exacerbated poverty levels • Milei took office promising to "dollarize" the economy, tame inflation, eliminate the fiscal deficit, and end benefits for "the caste" • In December, Milei's government devalued the peso by 54% against the dollar, causing incomes to collapse and prices to rise • Argentina recorded a budget surplus in January for the first time since August 2012