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Argentina’s poverty rate reached 57.4% in January, the highest level in at least 20 years, local media reported on Sunday, citing a report from the Pontifical Catholic University of Argentina (UCA).
The report said the peso devaluation implemented shortly after President Javier Milei took office in early December and the resulting price increases worsened poverty levels, which reached 49.5% at the end of the year.
“The true inheritance of the caste model: 6 out of 10 Argentines are poor,” Mire, a liberal, said in a social media post late Saturday.
After taking office, Mire promised to “dollarize” the economy, control annual inflation above 200%, eliminate the fiscal deficit, and end the welfare of Argentina’s political dynasty, which Mire called “caste.”
In December, his government launched sweeping economic reforms, led by a 54% depreciation of the peso against the dollar, causing Argentine incomes to plummet as prices soared.
Other measures include cuts to energy and transport subsidies and tax increases aimed at achieving fiscal balance.
On Friday, Argentina’s Economy Ministry reported a budget surplus of 518.41 billion pesos ($620.85 million) in January, the first time the figure was in the green since August 2012.
Reuters could not immediately see a copy of the report. UCA did not respond to a request for comment.
(1 USD = 835.00 Argentine Peso)
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