Inflation is expected to rise 6.7% in September alone, analysts polled by Portal said ahead of official data released on Friday.
Argentines with a tax of inflation More than 100% are struggling to survive this year, resorting to recycling from landfills or queuing to barter their stuff at barter clubs.
The country is expected to post its biggest price hike this year since a period of hyperinflation around 1990, an extreme case even in a world largely struggling to control inflation fueled by the country’s Russian invasion. Ukraine.
“My income is no longer sufficient,” says Sergio Omar, who spends 12 hours a day sifting through mountains of rubbish at a landfill site in Lujan, 40 miles from the capital. Buenos Aireslooking for cardboard, plastic and metal for sale.
Omar, 41, said food costs have soared in recent months that it has become difficult to support his family of five.
He said more and more informal workers are going to the dump to find items to sell in their struggle to survive.
“There are twice as many people coming here because there are many crises,” he said, explaining that he can make between 2,000 and 6,000 pesos ($1340) a day selling recyclables.
A century ago Argentina was one of the richest countries in the world.
But in recent years it’s been in economic slumps, struggling to keep inflation under control.
Now prices are rising at the fastest pace since the 1990s, with existing problems being caused by money printing and vicious cycles of price increases companiescompounded by global increases in the cost of fertilizer for agriculture and import gas.
Inflation is expected to rise 6.7% in September alone, analysts polled by Portal said ahead of official data released on Friday.
This prompted the central bank to raise interest rates fees up to 75%, with the possibility of higher.
The poverty rate was over 36% in the first half of 2022 and extreme poverty rose to 8.8%, around 2.6 million people.
Government welfare programs have helped prevent a further surge, but despite limited government funding, there are still calls for more welfare spending.
In 2001, during one of Argentina’s worst economic crises, Sandra Contreras founded the Lujan Barter Club.
The company takes off again as Argentinians who can’t keep up with the prices try to trade in items like old clothes for a bag of flour or pasta.
“People come very desperate, their salaries are not enough, things are getting worse every day,” said Contreras, adding that people queue every morning two hours before the exchange club opens.
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