Argentina registers the highest year-on-year inflation in 30 years

Paying daily expenses in Argentina is becoming increasingly difficult due to the constant increase in prices. As the saying goes: “While wages go up the ladder, inflation goes up the elevator.” Reason why the pocket of Argentines is not enough to cope with the incessant inflation that hits the country.

This is evidenced by the data released on May 12 by the INDEC (National Institute of Statistics and Censuses of Argentina). The agency reported that inflation in April was 6% compared to March, which includes an increase of 58% in the last twelve months. Until last month it was 55.1%.

This new figure is the highest since February 1992. The previous one that surpasses it was in January of that year, which touched an index of 76%. That is, we are experiencing the highest year-on-year inflation in Argentina in the last 30 years. Meanwhile, the minimum wage in May remains the same as the previous month: 38.940 weight.

In this way, it continues to be the third country with higher inflation in Latin America, followed by Venezuela (284%) and Suriname (61.5%). As for the rest of the region, all have a rate lower than 11.8%, with the exception of Cuba (23.3%) and Haiti (23.9%).

According to the INDEC, the division with the highest monthly increase was clothing and footwear, followed by restaurants and hotels, and then health. As for the areas that have suffered the least increases, alcoholic beverages and tobacco, communication, education, housing, water, electricity, gas and other fuels stand out.

The salaries of Argentines are not enough to cover the cost of living of the country

A report from the Center for Metropolitan Studies share by Page 12 reveals that the tenants of the AMBA have problems coping with rent. This integrates both the inhabitants of CABA and Greater Buenos Aires north, south and west.

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The study reveals that 29% of tenants had to leave the apartment due to non-payment. A situation that happens while 4 out of 10 Argentines allocate more than 40% of their salary just to pay the rent, he estimates. He also points out that many had to look for additional jobs to have more income and make changes in their consumption to support themselves. From regular expenses to modifications in their health coverage.

CryptoNews had already advanced weeks ago that the cost of living of Argentina is higher than the average income, after an investigation of their own. It is for this reason that the inhabitants of the country are among those who buy bitcoin (BTC) the most in the world, by way of coping with inflation and as an investment method to generate another income for their home. This speculating that its value will increase in the long term.

This has been validated this week by Daniel Vogel, the founder and CEO of the cryptocurrency exchange Bitso, in an interview with CriptoNeticias. The businessman estimated that “the very hard inflation” that the country is going through motivates a huge adoption of bitcoin and stablecoins (cryptocurrencies that have parity with the dollar); precisely because of the need to maintain the value of their money.