The Organisation for Economic Cooperation and Development (OECD)1 expects Argentina’s rate of inflation to skyrocket to 250% for 2024 as its economy and currency continues to struggle. Major reforms initiated by newly elected President Javier Milei have met with protests while the country’s economy attempts to restore stability. The resulting turmoil has created tremendous hardship for Argentinians — including (not surprisingly) effects on the mental health of its citizens. As the currency continues to rapidly lose its value and food and commodities costs rise, families are left unable to feed themselves. In fact, Argentina has the world’s second highest food inflation rate — the highest in the world belongs to Lebanon with a food inflation rate of 352% per recent World Bank data2. Hard to imagine living in a country where your money loses its value so rapidly as costs rise. A cautionary tale for certain.
