100% inflation makes Argentines turn to dumps | World

Pleno.News – 10/14/2022 12:33 pm | updated on 10/14/2022 14:06

Last Thursday (6), the Central Bank of the Argentine Republic (BCRA) published the monthly survey of market expectations. Economists consulted said they expect inflation in the country to be at 100.3% by the end of this year, an increase of 5.3 percentage points compared to the previous month’s expectations, according to information from Estadão.

For 2023, the average expectation of the analysts consulted advanced to 90.5%, a number that represents 6.4 percentage points above the survey of the previous month. For 2024, the forecast is 66.8% (up 3.7 percentage points). They also expect Argentina’s Gross Domestic Product (GDP) to grow 4.1% this year, up 0.5 percentage point from the previous month.

According to information from Reuters, there are people in Argentina who are turning to recycling dumps or lining up to exchange their belongings at exchange clubs.

– The country is expected to post its biggest price rise this year since a period of hyperinflation around 1990, an extreme case even in a world that largely struggles to control inflation driven by the Russian invasion of Ukraine – Reuters reported.

One of the people interviewed by the news agency was Sergio Omar, who spends 12 hours a day digging through mountains of garbage at a landfill in Lujan, 65 kilometers from Buenos Aires. He said his income is not enough anymore.

Omar, who is 41 years old, is looking for cardboard, plastic and metal to sell. According to him, the cost of food has increased a lot in recent months and it has become difficult to feed his family of five children.

According to the man, there is a lot of crisis and there is a growing number of informal workers, who go to the garbage dump to find anything that can be sold. He can earn between 2,000 and 6,000 pesos (13 to 40 dollars) a day selling recyclable waste.

– Twice as many people are coming here because there is a lot of crisis – he reported.

Another person interviewed by Reuters was Sandra Contreras, who during one of the country’s worst crises, in 2001, created the Lujan Barter Club. The entity would be “taking off” again because there are people exchanging items (clothes, etc) for a bag of flour or pasta.

Contreras said that “people arrive very desperate” and line up two hours before the venue opens.

– People arrive very desperate, their salaries are not enough, things are getting worse every day – he said.

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