Times are hard in recession-hit Argentina and the peso currency's latest cr...
BUENOS AIRES - Times are hard in recession-hit Argentina and the peso currency’s latest crash has jolted food prices higher.
The latest economic setback occurred earlier this month when a landslide victory for the populist opposition in an Aug. 11 primary vote sparked a run on the peso and hobbled business-friendly President Mauricio Macri’s campaign to win a second term in October’s presidential election. “Argentines can stop buying clothes and other items but they won’t stop buying meat, even while they complain about prices,” said Orlando Mamani, working a meat counter in a grocery store in the Buenos Aires neighborhood of Belgrano.“Prices are up 15% to 20% since the primary. The election result was really a surprise,” said Julio Basmagian, 70, as he left a butcher’s store with purchases under his arms.
But as a retiree living on a fixed income, Basmagian said he may have to cut back if prices keep rising. “I just don’t have the budget,” he said. Macri’s poor performance caused an 18% slide in the peso, raising default fears by making it harder for Argentina to honor its dollar-denominated debts. It has revived memories of Argentina’s 2001-2002 default and economic crisis, which tossed millions of middle-class Argentines into poverty.“It is not that meat is very expensive.
“The demand is always there. But supply goes down when ranchers get nervous about the peso and wait to see what’s going to happen before selling,” said Narciso, his white apron splattered with blood at a butcher shop called Nucho in the middle-class Buenos Aires neighborhood of Caballito.
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