The economic crisis in Argentina is deepening, with two out of five people living below the poverty line

Argentina’s central bank on Thursday hiked the country’s benchmark interest rate for the sixth time this year, in yet another attempt to reign in soaring prices that have been weighing heavily on incomes, pushing millions below the poverty line.

The rate was raised to 133% from 118%, shortly after September inflation data showed that consumer prices in the country spiked 12.7% month-on-month and 138% annually, which is the highest rate in three decades.

According to a report by the National Institute for Statistics and Census (INDEC) released last month, soaring prices pushed Argentina’s poverty rate to 40.1% in the first half of 2023. This means that two out of every five people in Argentina now live below the poverty line, some 11.8 million people.

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