Argentina’s poverty level rises to 20-year high

Argentina’s poverty level rose to 57.4% last month, reaching the highest percentage in at least 20 years, according to a report by the Catholic University of Argentina.

Report informs via Reuters that newly elected President Javier Milei’s devaluation of the peso, executed shortly after his inauguration in December, caused poverty levels to worsen.

In fact, the poverty level at the end of the year was 49.5%.

The devaluation of the peso also caused prices of nearly everything to rise.