Argentina’s inflation is now at 142.7%

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Argentina’s inflation is now at 142.7%.Amid Argentina's severe economic crisis with inflation soaring above 140%, cash-strapped citizens are increasingly turning to second-hand clothing markets. The country, grappling with widespread poverty and an impending recession, is witnessing a surge in people seeking affordable apparel and selling old garments to supplement their income.Facing its most challenging period in decades, Argentina is navigating a precarious presidential election marked by rising voter discontent. With 40% of the population living in poverty, prices have become prohibitive for many, pushing them towards alternative solutions. New jeans, for instance, now cost more than double the price from a year ago, constituting over a third of the country's monthly minimum wage.In October, annualized inflation reached a staggering 142.7%, according to the country's statistics office. The economic turmoil has led citizens, like 22-year-old student Aylen Chiclana, to shift their shopping habits. "You can't just go to the mall and buy something you like as you did before. Today prices are unthinkable," she remarked.To cope with the financial strain, individuals like 62-year-old semi-retired teacher Beatriz Lauricio have turned to selling old garments at clothing fairs on weekends. These markets offer an alternative for many who can no longer afford new clothes due to the rapid increase in prices outpacing salary growth.María Silvina Perasso, organizer of a clothing fair in Tigre, emphasized that people are drawn to these markets because they provide a cost-effective alternative to traditional stores. The economic downturn has made it challenging for citizens, even those with jobs, to afford basic necessities. The monthly minimum wage, officially at 132,000 pesos, is effectively halved due to capital controls.In the face of economic hardships, individuals like 68-year-old retiree María Teresa Ortiz rely on these fairs to acquire clothing they otherwise couldn't afford. "You simply can't buy new things," she explained, highlighting the struggle to purchase essential items like sneakers, flip-flops, jeans, shirts, or T-shirts in the current economic climate.