By year’s end in 2023, Argentina saw 41.7% of its city dwellers living in poverty. This figure was up by 1.6 percentage points since mid-year, as reported by INDEC on Wednesday.
INDEC’s survey covered 29.5 million urban residents. It found that 12.3 million were impoverished.
Also, 3.5 million urbanites, or 11.9%, faced extreme poverty. This was an increase of 2.6 percentage points in just half a year.
Furthermore, 31.8% of households, totaling 3.2 million, lived in poverty, and 870,000 households, or 8.7%, were affected by extreme poverty.
This surge in poverty parallels Argentina’s inflation spike, reaching 25.5% in December and 211.4% for the year.
Additionally, the cost of basic living soared by 225.1% in 2023.
These figures underscore the critical link between inflation and poverty, highlighting Argentina’s urgent need for economic stabilization.
Background
In March, public trust in Javier Milei’s Argentine government slightly waned amid legislative obstacles and economic strife.
Yet, a survey indicates sustained support for Milei’s administration, though not as high as before.
The Government Confidence Index (ICG) dropped by 0.5% to 2.56 points in March, a 10.5% decrease from its peak in December.
Still, it’s 81.1% higher than in November 2023, before Milei’s term, marking a 117.4% increase year-over-year.
Despite severe fiscal measures and a significant currency devaluation, the public’s confidence remains relatively strong.
It exceeds the levels at the start of Fernández’s term in March 2020 by 15.4%, albeit 15.6% lower than at the beginning of Macri’s term in March 2016.