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BUENOS AIRES - The hand-written entries in the two dozen notebooks - date, haircut, price - chronicle decades of a Buenos Aires barber's working life. But they tell another story too, Argentina's most important: a tale of 19,900% inflation and its crippling impact.
And the current term of center-left President Alberto Fernandez has seen the fastest price rises of any administration during those three decades – some 757% since he took office in December 2019, according to Galante's notebooks. Galante is worried about his adult children, a son in Buenos Aires and a daughter who moved overseas, part of a brain drain of young Argentines looking for better opportunities.
He recalls popping to the cafe next door for several coffees a day, traveling, dining out and restocking his barbershop equipment regularly. Now he's far more careful. Pressure started to build in the late 90s as overspending ballooned and unemployment spread, ending in the major 2001-02 economic crisis under President Fernando de la Rua.
In 2015 market-friendly businessman Mauricio Macri came into office pledging fiscal responsibility. He made some reforms investors liked, but the economy started to crumble anyway and he was forced to seek a $57 billion International Monetary Fund loan in 2018. Haircut prices rose 133% in his four years.
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