11:46 - 19.02.2024

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February 19, Fineko/abc.az. Argentina’s poverty level rose to 57.4% last month, reaching the highest percentage in at least 20 years, ABC.AZ reports with reference to the Catholic University of Argentina.

According to UCA report, newly elected President Javier Milei’s devaluation of the peso, executed shortly after his inauguration in December, caused poverty levels to worsen. In fact, the poverty level at the end of the year was 49.5%.

The devaluation of the peso also caused prices of nearly everything to rise.

The report also notes that across the country, at least 27 million people live in poverty, and another 9 million are in extreme need (with total population of 47.3 million people). Milei's reforms have led to an increase in prices for basic foodstuffs, the UCA emphasizes. Inflation in the country last year amounted to 211.4%.