Poverty in Argentina hits 20-year high at 57.4%, study says

February 19, 2024

FILE PHOTO: A sign outside a store reads in Spanish "We accept Dollars" in Buenos AiresBUENOS AIRES (Reuters) - Poverty levels in Argentina hit 57.4% in January, the highest in at least 20 years, according to a report by the Catholic University of Argentina (UCA) cited by local media on Sunday. According to the report, the devaluation of the peso currency carried out by President Javier Milei shortly after his inauguration in early December - and the price hikes caused by it - exacerbated poverty levels, which closed the year at 49.5%. "The true inheritance of the caste model: Six out of every 10 Argentines are poor," Milei, a libertarian, said in a social media post late on Saturday. Other measures included slashing energy and transportation subsidies and rolling out tax hikes aimed at reaching fiscal balance. ($1 = 835.00 Argentine pesos)(Reporting by Eliana Raszewski in Buenos Aires; Writing by Kylie Madry; Editing by Matthew Lewis)