With Argentine inflation seen topping 6%, a bricklayer struggles to survive -Breaking
[ad_1]
© Reuters. One customer examines bottles of alcohol at a market in Buenos Aires as Argentina’s inflation reaches its highest point in many years. This causes food prices to spiral in Buenos Aires (Argentina), April 12, 2022. REUTERS/Mariana Nedelcu2/5
Miguel Lo Bianco
BUENOS AIRES (Reuters) – José Luis Rodríguez, a bricklayer in Argentina, cannot get by on his paycheck anymore with inflation set to have climbed more than 6% in March alone, the highest level in years, as spiraling food and fuel prices dent the value of salaries and savings.
South American grain-producing nation will publish its most recent official inflation data on Wednesday. Economy Minister Martin Guzman has already warned that the monthly rate would rise to north of 6.6%. This is the highest level since at least 2018.
“Money doesn’t get you by nowadays,” Rodríguez told Reuters while building a wall at a construction site in Buenos Aires, the capital. It doesn’t buy anything. It doesn’t matter if I fall ill, because I have no idea who will feed me.
You cannot live without work. If there are no food and you don’t have enough, then it is impossible to be productive. It is something I try to combat.
Argentina has had to battle high inflation for many years, but with limited success. This has been made worse by an increase in global commodity prices over the past year. It was exacerbated most recently by the conflict in Ukraine.
South America has been affected by rising fuel prices, and protests have been held against the situation. The trend is expected to continue as central banks are forced to increase interest rates sharply.
The annual Argentina inflation index has risen to more than 50% and experts expect it to reach close of 60% this year. It is a serious blow to Argentines. Nearly 40% are already living in poverty despite the rebound in growth following the coronavirus outbreak.
Eduardo Donza from the Argentine Catholic University, a researcher on social debt, said that inflation is a serious problem in Argentina. It’s a sudden increase in prices which means income for families can’t compensate for their lost earnings power.
In March, Latin America’s third-largest government reached an agreement to repay $44billion of its debts. The deal was subject to economic targets such as reducing inflation.
Battling inflation in Argentina https://tmsnrt.rs/36BZUr1
Battling inflation in Argentina (Interactive graphic) https://tmsnrt.rs/3rg3GQn
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
[ad_2]