Argentina inflation hits 143%

Hard-up Argentines, tightening their purse strings with inflation topping 140%, are increasingly turning to second-hand clothing markets, both to find affordable apparel and raise extra cash from selling old garments.

Report informs via Reuters that the South American nation, the region's No. 2 economy and a major grains exporter, is facing its worst crisis in decades. Two-fifths of people live in poverty and a looming recession is shaking up Argentina's presidential election run-off next Sunday.

Rising voter anger is propelling a radical outsider, Javier Milei, the slight favorite in polls on the presidential election to beat Economy Minister Sergio Massa, the candidate of the ruling Peronist coalition, whose bid has been hobbled by his failure to rein in rising prices.

"You can't just go to the mall and buy something you like as you did before. Today prices are unthinkable," said Aylen Chiclana, a 22-year-old student in Buenos Aires.

New jeans cost more than double the price a year ago, representing over one-third of Argentina's monthly minimum wage.

Annualized inflation hit 142.7% in October, the country's statistics office said on Monday, with the monthly rise landing at 8.3%, although that was down from peaks in August and September and below analyst forecasts.

Argentina has for years battled high inflation, which economists blame on money printing and an entrenched lack of confidence in the local peso. Inflation has accelerated over the last year to its highest since 1991.