Poverty Surges in Argentina as Runaway Inflation Pushes 40% into Economic Hardship

Poverty in Argentina has risen amid runaway inflation, with 40% now living in poverty as prices rose 124% in the past year.
Demand at homeless shelters in Buenos Aires has soared as residents can no longer afford rent and basic expenses.
Many residents at the shelters had stable housing until recent price hikes made costs unaffordable.
The median income in Argentina is below what a typical family needs to stay out of poverty.
Government assistance measures provide temporary aid but long-term solutions remain elusive as poverty has stayed above 25% for 20 years.

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Relevant topic timeline:

8/19/2023

Argentina in economic collapse as annual inflation hits 113%

### Summary Inflation in Argentina has reached 113%, pushing 40% of the population into poverty, as the country faces an economic collapse that could see the far-right return to power under Javier Milei, a rock-singing former sex coach who has threatened to abolish the central bank. ### Facts - 💸 Argentina is experiencing an economic collapse with annual inflation reaching 113%, its highest in over 30 years. - 💰 Inflation has pushed 40% of the population into poverty as soaring prices outpace wages. - 📉 The crisis escalated when the central bank raised interest rates to 118% to halt a sell-off in government bonds and the Argentine peso, which hit a record low against the dollar. - ⬇️ Inflationary pressures forced officials to devalue the peso by 18% on Monday, which some economists believe may fuel further inflation, possibly reaching 150%. - 🏛️ The far-right, led by Javier Milei, a rock-singing former sex coach, has gained popularity and threatens to abolish the central bank if they come to power. - 🌎 This serves as a stark contrast to the inflation battle faced by the Bank of England, where inflation stands at 6.8% and interest rates have been raised to 5.25%.

8/19/2023

Argentina in economic collapse as annual inflation hits 113%

Argentina is experiencing an economic collapse with annual inflation reaching 113%, pushing 40% of the population into poverty, and potentially leading to the return of the far-right under Javier Milei.

8/30/2023

As inflation soars, Argentines say they've seen this film before

Argentina is facing the highest triple-digit inflation in over three decades, potentially reaching near 200% by year-end, which is causing increased poverty, anger among voters, and memories of past economic crises.

9/13/2023

Argentina Faces Severe Inflation Crisis and Cost-of-Living Squeeze as Poverty Rises Ahead of Presidential Election

Argentines face daily challenges in trying to find deals and lower prices as the country's inflation skyrockets above 100%, leading to a cost-of-living crisis and increased poverty levels.

9/13/2023

Inflation Soars to 124% in Argentina, Fueling Anger Ahead of Elections

Argentina is facing skyrocketing inflation, with consumer prices soaring by 12.4 percent in August and an annual inflation rate of 124.4 percent, putting the ruling coalition on the defensive ahead of the upcoming presidential race.

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Posted 9/27/2023, 10:21:00 PM

Poverty Surges in Argentina as Runaway Inflation Pushes 40% into Economic Hardship

Poverty in Argentina has risen amid runaway inflation, with 40% now living in poverty as prices rose 124% in the past year.
Demand at homeless shelters in Buenos Aires has soared as residents can no longer afford rent and basic expenses.
Many residents at the shelters had stable housing until recent price hikes made costs unaffordable.
The median income in Argentina is below what a typical family needs to stay out of poverty.
Government assistance measures provide temporary aid but long-term solutions remain elusive as poverty has stayed above 25% for 20 years.

apnews.com

Relevant topic timeline:

8/19/2023

Argentina in economic collapse as annual inflation hits 113%

8/19/2023

Argentina in economic collapse as annual inflation hits 113%

8/30/2023

As inflation soars, Argentines say they've seen this film before

9/13/2023

Argentina Faces Severe Inflation Crisis and Cost-of-Living Squeeze as Poverty Rises Ahead of Presidential Election

Argentines face daily challenges in trying to find deals and lower prices as the country's inflation skyrockets above 100%, leading to a cost-of-living crisis and increased poverty levels.

9/13/2023

Inflation Soars to 124% in Argentina, Fueling Anger Ahead of Elections