The official statistics agency reported that in March, the Argentina inflation rate this year reached 104.3 percent, making it one of the highest rates in the world, Al Jazeera reported.

This has strained people's ability to make ends meet and contributed to a cost-of-living crisis contributing to rising poverty levels.

The government is already under pressure from frustrated voters before the October elections, and the 7.7 percent inflation rate revealed on Friday is the highest monthly increase since 2002.

"I try to think that someday we'll be better off. But the inflation we're living with today in Argentina is terrible. It feels like never before," said Claudia Hernansaez, a publishing company employee. "In my case, I have zero capacity to save."

As general elections draw near, the rising prices have damaged the reputation of the ruling Peronist coalition by reducing wages and purchasing power and increasing poverty to roughly 40 percent.

The country, which is a major exporter of grains worldwide, is experiencing one of its worst droughts on record, which has wiped out its soy, corn, and wheat crops, costing the economy billions in lost exports and driving up domestic prices on top of the massive increase caused by the conflict in Ukraine.

Meanwhile, voters' perceptions of inflation are expected to be a crucial factor in the upcoming elections in October, when libertarian economist Javier Milei projected to be gaining support.

As prices continue to rise rapidly, President Alberto Fernandez has seen his approval rating drop to just beyond 20 percent.

But he has yet to decide whether to run for re-election.

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Argentina Plans on Lowering Its Economic Goals to Secure a Loan From the IMF

A severe drought has damaged exports and threatens to push the economy into recession, so Argentina is thinking about convincing the International Monetary Fund to soften further the economic targets included in the country's $44 billion IMF loan program, a source told Reuters.

"All alternatives are on the table. Work will be done on the program," a source with knowledge of the IMF program and talks between Argentina and the IMF said.

Due to the delicate nature of the discussions, the source requested anonymity and declined to elaborate.

The amount of foreign currency reserves the country needs by the end of the year has been lowered by the IMF by $1.8 billion.

The drought has hit Argentina's main export products hard, and the IMF has said that more leniencies may be needed.

Gita Gopinath, IMF's deputy managing director, said Saturday that she and Sergio Massa, Argentina's minister of the economy, had a "good meeting" to discuss the plan.

Inflation will average 60 percent per year by 2023, according to the IMF, while experts predict it will be over 100 percent.

The annual Argentina inflation rate jumped to 104.3 percent in March after rising to a record high of 7.7 percent in February.

Argentina's Billionaires

While most of the country suffers from an incredible inflation rate, with many having to choose between food or medication, Argentina has several billionaires.

Marcos Galperin, with a net worth of $5.5 billion U.S. dollars, was the wealthiest person in Argentina, per CEO World..

He was followed by Gregorio Perez Companc ($2.9 billion), Eduardo Eurnekian ($2.0 billion), and Alejandro Bulgheroni ($1.8 billion).

Eduardo Costantini was the 5th richest person in Argentina. He had a fortune of $1.2 billion.

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This article is owned by Latin Post.

Written by: Bert Hoover

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