The segment with the highest year-on-year inflation rate in Argentina in February 2023 was clothing and footwear.
In 2022, Argentina’s average inflation rate recorded its highest point, standing above 94 percent.
Argentina and Venezuela are probably the two best-known cases of chronic inflation in Latin America.
A user showed the peculiar way in which they keep the cans of tuna in Argentina so that they are not stolen, because they are secured with a security plastic box, and the price of the product is not cheap in that country, because as shown in its price, its cost is 1,025 Argentine pesos , around 71 Mexican pesos.
Inflation in Argentina
Currently, Argentina is fighting inflation. Between 1998 and 2002, that country experienced a massive economic depression. The depression was the result of the financial crises in Russia and Brazil. Unemployment, inflation and debt rates in Argentina soared, causing Argentina to default on its sovereign debts, leaving a legacy of little fiscal discipline in an atmosphere of high borrowing fees fueled by political rhetoric.
Since 2009, the gross domestic product in Argentina has fluctuated greatly, in addition, it is estimated that the GDP per capita in that country has been equally volatile. In subsequent years, it has been able to strengthen its economy somewhat since the depression ended in 2002, helped by a consistently positive trade balance through 2014. In 2009, the country reported a record trade surplus of $16.9 billion. It should be noted that it had a trade deficit in 2017 and 2018, according to Statista, the segment with the highest year-on-year inflation rate in Argentina in February 2023 was clothing and footwear, with an increase of 121.7 percent compared to the same month of 2022. This value represents a difference of more than 19 percentages with respect to the general level, which stood at 102.5 percent.
Last year, Argentina’s average inflation rate recorded its highest point, standing above 94 percent. However, the forecasts for the next 12 months are not very good, since recently in March of this year it exceeded the 100 percent barrier.
A user named @miloaguirre2 shared on his account TikTok the way they secure tuna in a supermarket in Argentina so that it is not easily stolen since the consumer product is not cheap, since its cost is 1,025 Argentine pesos, around 71 Mexican pesos. Given this, many Internet users commented sarcastically in the video that it has reached a million views that they are at least the world champions.
@Alejandro Fernando: “Muchachooooos they are world champions”.
@Mikytolouse: “It’s easier to get a soccer world cup than a can of tuna.”
@BrassY Hiiram: “But They Have The Third”.
@miloaguirre2 2 dollars a can #Argentina #inflation #tuna #robbery #Carrefour ♬ original sound – Miloo
In economic terms, episodes of high inflation rates suffered for a prolonged period of time are known as chronic inflation, which causes an accumulated difficulty in slowing down the increase in prices, since some of the monetary policy tools such as The reduction in the money supply can aggravate other problems such as unemployment. Argentina and Venezuela are the two best-known cases of chronic inflation in Latin America
High inflation and fear of another economic depression have opened up a large black market for foreign currency, especially in the metropolis of Buenos Aires.
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