MercoPress. South Atlantic News Agency
Hard times for Argentine families to remain above the poverty line
The Minimum Basic Salary in Argentina is the equivalent of US$ 272 and US$ 151 (based on the two exchange rates), which is below the indigence reference. An Argentine standard family of two adults and two children needed the monthly equivalent of US$ 664 or US$ 380 (depending on the official or free money exchange market) to be considered above the poverty line during the month of June. July figures will be released in fifteen days.
The reference for such categorization is the so called Total Basic Basket, CBT, which during June increased 3,2% equivalent to the monthly inflation, after it had climbed 2,4% in May.
On the other hand the so called Basic Food Basket, CBA, which marks the indigence borderline was 3,6% up in June, totaling the equivalent of US$ 285 or US$ 162 (according to the official and free market quotations). This means an Argentine family to not be considered indigent had to make more than the above sums.
It must be taken into account that the Minimum Salary in Argentina is the equivalent of US$ 272 and US$ 151 (based on the two exchange rates), which is below the CBA indigence reference.
In the last twelve months the poverty standard increased 51,8%, while that of the Basic Food Basket, 57,6%. Inflation or the Consumer Prices Index in the same period of time jumped 50,2%. In the first half of 2021, CPI reached 25,3% while the CBT, 25,3% and CBA, 22,7%.
However these sums are incomplete since for example they do not take into account the cost of renting, which according to a 2018 survey from the official stats office Indec, 20% of Argentines are tenants. The percentage jumps to above 35% in the City of Buenos Aires.
Top Comments
Disclaimer & comment rules-
-
-
Read all commentsThe pandemic is not helping any country. Worst yet, the Covid.19 variants such as the Delta variant are advancing rapidly and of course, will hurt the economy of all countries.
Jul 31st, 2021 - 03:25 pm 0Here in the USA, inflation is 5% and people cannot afford to buy gas, groceries, or pay rent. The eviction protection plan expired yesterday causing 11.8 million citizens to lose their home
Rent cost $ 1,300 a month for a one-bedroom which is astronomically high compared to $600 one year ago. The minimum wage is $12 hourly which is not sufficient.
S B 4
Jul 31st, 2021 - 06:04 pm 0Although I agree with inflationary factors are negatively affecting Americans — we in the rest of the world are seeing a serious rise in the costs of everything with an enormous economic reset occurring especially in countries without strong economic policies.
Costs of everything have and will continue to substantially increase as central banks have increasingly engaged in quantitative easing monetary policy. (It’s certain some of our Latin American neighbors will experience severe hyperinflation.)
This is an opportune moment to stock up on food items as prices are rising.
We ourselves are seeing current shipping refrigerated container costs already well above 20% from last season. Production costs are also substantially rising!
Much of those increased prices will be reflected soon in American supermarkets as worldwide.
Obviously shutting down much of the world economy has made it unpredictable.
¡Saludos de Chile!
So printing money and throwing it out the window has consequences. Who'd have thought?
Aug 01st, 2021 - 10:59 am 0Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!