BUENOS AIRES: Argentina’s annual inflation rate shot up to 124.4% in August and hit its highest level since 1991, stoking a painful cost-of-living cri...
A customer buys fruits and vegetables at the central market in Buenos Aires. Soaring prices are forcing hard-hit shoppers to run a daily gauntlet to find deals and cheaper options. – AFPpicArgentina’s annual inflation rate shot up to 124.4% in August and hit its highest level since 1991, stoking a painful cost-of-living crisis in the South American country.
“It’s so hard. Each day things costs a little more, it’s like always racing against the clock, searching and searching,” said Laura Celiz as she shopped for groceries in Tapiales on the outskirts of Buenos Aires. “You buy whatever is cheaper in one place and go to the next place and buy something else.”
Argentina is caught in a cycle of economic crises, with a major loss of confidence in the peso driving steady depreciation, triple-digit inflation, negative central bank reserves and a flagging economy due to drought hitting farming. And inflation itself could still get worse amid the election uncertainty, which has revived memories of hyperinflation from the 1980s among those who lived through it.
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