Argentina records the highest annual inflation rate in 30 years

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Key facts:

  • INDEC announced today that inter-annual inflation in Argentina rose from 55.1 to 58%.

  • As reported, the area with the highest monthly increase was clothing and footwear.

It is becoming increasingly difficult to pay daily expenses in Argentina due to the constant increase in prices. As the saying goes: “While wages go up the stairs, inflation goes up the elevator.” The reason for the insufficient pocket of the Argentines to face the continuous inflation that hits the country.

This is evidenced by the data released today by the National Institute of Statistics and Censuses in Argentina. The agency said that Inflation in April was 6% compared to March, which includes a 58% rise in the past 12 months.. Until last month it was 55.1%.

This new figure is the highest since February 1992. The previous figure to exceed it was in January of that year when the rate was 76%. is called, We are experiencing the highest annual inflation rate in Argentina in the last 30 years. Meanwhile, the minimum wage in May remained the same as in the previous month: 38,940 pesos.

Thus, it is still the third country with The highest inflation rate in Latin AmericaAfter Venezuela (284%) and Suriname (61.5%). As for the rest of the region, they all have an index below 11.8%, with the exception of Cuba (23.3%) and Haiti (23.9%).

The annual inflation record for April 2022 (58%) is the highest since February 1992. The previous figure it exceeded was in January of that year, when it reached an indicator of 76%. Source: Datamacro.

According to INDEC, the department with the most monthly increase was clothing and footwear, followed by restaurants and hotels, and then health. The regions with the least increases are alcoholic beverages, tobacco, telecommunications, education, housing, water, electricity, gas and other fuels.

The Indic index announced that the annual inflation rate in Argentina is 58%. Source: INDEC.

Argentine salaries are not enough to pay the cost of living in the country

A report by the Center for Joint Capital Studies reveals on page 12 that AMBA tenants are having problems adjusting to renting. This integrates both the residents of CABA and Greater Buenos Aires in the north, south and west.

The study reveals that 29% of renters had to leave the house due to non-payment. It is a situation that occurs when 4 in 10 Argentines dedicate more than 40% of their salaries solely to paying rent, he estimates. Likewise, he points out that many have had to look for additional jobs to gain greater income and make changes in their consumption to support themselves. From regular expenses to changes in your health coverage.

CriptoNoticias already predicted weeks ago that The cost of living in Argentina above average income, after their investigation. Because of this, the people of the country are among those who buy the most Bitcoin (BTC) in the world, as a way to deal with inflation and as an investment way to generate other income for their home.

This was validated this week by Daniel Vogel, founder and CEO of crypto exchange Bitso, in an interview with CriptoNoticias. The entrepreneur estimated that the country’s “extremely severe inflation” is spurring massive adoption of bitcoin and stablecoins (cryptocurrencies that have parity with the dollar); Specifically because of the need to preserve the value of your money.

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