Compared to July, prices for Argentine consumers were on average 12.4 percent higher in August. Food prices in particular have risen sharply, with ground beef becoming almost 40 percent more expensive. The last time the monthly monetary depreciation was higher than that of the previous month was in February 1991. At the time it was 27 percent, writes news site elDiaroAR.
Argentina has been suffering from numerous economic problems for years and inflation is an old pain. Current President Alberto Fernández has tried to slow inflation by freezing prices and limiting the purchase of foreign currencies, to no avail. Globally, inflation is only higher in Venezuela and Zimbabwe.
Roughly in line with inflation, the popularity of libertarian presidential candidate Javier Milei, an economist who wants to exchange the Argentine peso for the much more stable dollar, is rising. Due to his surprising win in the August primaries, the controversial outsider is considered a top favorite for the October presidential elections.