Narayan AmmachchiArgentina’s poverty rate has skyrocketed, with 57.4% of the country’s population falling under the poverty line, according to a study by the Catholic University of Argentina.
This is the highest poverty rate registered in Argentina in 20 years, a fact which underscores the struggles of its population under the weight of economic hardship.
The study, conducted in January 2024, reveals that over 27 million Argentines are now classified as living below the poverty line. This translates to over half of Argentina’s 46 million inhabitants facin severe economic challenges.
Of the population in poverty, 15% are categorized as living in “destitution,” which means they are unable to meet basic food needs.
Blame is being distributed in several directions as political entities scramble to explain this dire situation.
Former VP Cristina Fernández de Kirchner put the blame on policies implemented by her predecessor, former president Mauricio Macri. She pointed to Argentina’s recourse to the International Monetary Fund (IMF) for additional loans, underscoring the fact that the loans were denominated in US dollars. In her view, the depreciation of the Argentinean peso, directly linked to the IMF loans, is a key driver of inflation.
Others are placing the onus on the current administration led by President Javier Milei. They argue that his policies, particularly the currency devaluation program, have exacerbated poverty by pushing food prices upwards.
Analysts at the Catholic University, quoted by the Associated Press, warn that the cost of essential goods may continue to rise despite potential future decreases in inflation.
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