Argentina's poverty rate soars to 53% under Milei's presidency

In Buenos Aires, Argentina, the official poverty rate has escalated dramatically during the initial six months of President Javier Milei's administration, climbing from approximately 42% to 53%. This surge is largely a consequence of the government's stringent austerity measures aimed at addressing the country's economic crisis. The statistics agency's report highlights the severe impact of these policies on the population, particularly on families struggling to meet the official poverty threshold of about $950 a month for a family of four. The rise in poverty is accompanied by a notable increase in extreme poverty, which jumped from 11.9% to 18.1%. Many citizens, including those who once belonged to the middle class, are now facing financial hardships. Individuals like Rocío Costa have reported that skyrocketing prices have eroded their incomes, forcing them to rely on social assistance for basic necessities. Despite the hardships faced by the populace, Milei's administration has garnered support from foreign investors and the International Monetary Fund, who have praised the government's efforts to reduce inflation. Monthly inflation rates have decreased significantly, from 25.5% in December to around 4.2% in recent months, indicating some success in stabilizing the economy. However, economists warn that the path ahead remains challenging, as the austerity measures have stripped away essential safety nets for many Argentines. The long-term effects of these policies on the country's social fabric and economic stability are yet to be fully realized.