In the early 20th century, Argentina was one of the richest countries — wealthier, by some measures, than Germany, France or Spain. But for decades it has been in economic decline, and has in recent years struggled with rapid inflation. While inflation is a major concern in many countries, including at a rate above 3 percent in the United States, Argentina’s year-over-year inflation exceeded 124 percent as of September, according to official figures.
In practice for Argentines, that has meant stockpiling food and households goods — because prices would probably be much higher the next time they went to the store. One Argentine told The Washington Post last year that he had enough shampoo for a year and a half. Another said she had at one point stockpiled 48 cans of tuna. The rapid inflation also means putting money away is fruitless, with inflation outpacing interest rates.
More than 40 percent of Argentines live in poverty, according to government figures this year.