'The painful reality that the people have to bear as a result of inflation, policy tightening and the risk of recession.'
Argentina's inflation rate has so far peaked at 78.5% and is expected to jump to 100% by the end of the year.
According to data released by analysts on the situation in the South American country, 36% of Argentines live in poverty and 8.8% belong to the extreme poor category as of the first quarter of 2022.
In fact, analysts also predict that Argentina's inflation rate for September will rise to 6.7%, and this will put pressure on the central bank to implement policy tightening.
As a result, Argentines are said to have to choose to rummage through landfills or rental shops just to find food.
A father who lives in the capital city of Buenos Aires, Sergio Omar, said that he had to rummage through piles of rubbish for 12 hours a day to find recyclable items to earn money.
Omar commented further that the increase in food prices put pressure on his family of 5 children and he explained that people also do the same thing by rummaging through piles of rubbish.
Looking at the sad situation in Argentina, this high poverty rate last happened around the 1990s during a period of hyperinflation.
Against the backdrop of high food cost spikes as well as money printing problems and rate hike cycles, analysts predict the situation in Argentina will worsen in 2023.
