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[00:00.04]Argentina's yearly inflation

[00:03.60]increased to 211.4 percent in 2023,

[00:11.12]numbers released recently by the government show.

[00:16.64]It is the highest rate in 32 years.

[00:21.56]The data from the National Institute

[00:24.48]of Statistics and Censuses, called INDEC,

[00:29.32]shows the effects of strong and difficult economic measures.

[00:35.72]They include a 50 percent devaluation

[00:39.92]of the country's money by President Javier Milei

[00:44.44]in hopes of bringing the country's

[00:46.96]high inflation under control.

[00:51.12]The yearly inflation number was much higher

[00:54.76]than the 95 percent number in 2022.

[01:01.12]For December, the monthly inflation rate

[01:04.60]was at 25.5 percent,

[01:08.40]up from 12.8 percent in November.

[01:13.64]But it is under the 30 percent

[01:16.56]the government had predicted.

[01:19.96]Milei said before the numbers were released

[01:23.60]that if the monthly inflation rate

[01:26.76]came in below the prediction,

[01:29.24]that would be a success.

[01:32.48]"If the number is closer to 25 percent,

[01:36.64]it means that the success was tremendous," Milei said.

[01:42.72]In his inauguration speech, Milei announced a painful plan

[01:48.56]meant to avoid extremely high inflation.

[01:53.48]He warned that the measures would

[01:55.88]at first have harmful effects "... on the level of activity,

[02:01.20]employment, real wages,

[02:03.92]and the number of poor and indigent people."

[02:08.76]It is estimated that around 40 percent

[02:12.28]of the country's population lives in poverty.

[02:17.76]Food and non-alcoholic drinks,

[02:20.88]which have the largest effect on the yearly inflation rate,

[02:25.68]saw an average increase of 29.7 percent

[02:31.20]in December, INDEC found.

[02:35.08]Other products used by the general population

[02:39.16]rose by around 30 percent, while medications

[02:44.00]had an average increase of 40 percent.

[02:49.08]Graciela Bravo, a 65-year-old retiree,

[02:54.36]said, "Nothing is cheap."

[02:57.68]She told the Reuters news agency

[03:00.88]that she used to buy potatoes by the kilo.

[03:05.32]"Now I get three potatoes or four potatoes

[03:08.96]so they don't spoil," she said.

[03:12.72]Alejandro Grossi, a 49-year-old lawyer,

[03:17.44]said he was used to rising prices after years of inflation.

[03:23.68]He said, "It's like we're used to it,

[03:26.56]it's already something so natural here:

[03:29.96]inflation and changing prices."

[03:34.08]I'm Gregory Stachel.

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Words in This Story

devaluation – v. to lower the value of a country's money so that it is worth less when it is traded with another country's money

tremendous – adj. very good or excellent

inauguration – v. to introduce (someone, such as a newly elected official) into a job or position with a formal ceremony

indigent – adj. lacking money: very poor

cheap – adj. not costing a lot of money

spoil – v. lacking money: very poor