According to Fox News, a survey by the Catholic University of Argentina (UCA) revealed that the poverty rate in Argentina reached 57.4% in January (the highest level in 20 years).
These figures were released amidst a backdrop of President Javier Milei's decision to devalue the peso by 50% after taking power in Argentina in December 2023, leading to uncontrolled price increases for essential goods. Purchasing power among the middle class has declined, and the poverty rate in Argentina has risen significantly within just two months of the new government 's rule.
UCA's survey estimates that nearly 27 million Argentinians are living in poverty. UCA also notes that this is a time when Argentinian society is experiencing a record-high rate of recession, far exceeding the 54% rate in 2004, and predicts that this rate will continue to increase in the coming months.
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