According to INDEC (National Institute of Statistics and Censuses), in October the basic food basket increased 9.5% due to the inflationwhich means that a family made up of two adults and two minors needed income of $62,105 to avoid being in a situation of indigence.
Also, given the increase in the price indexa family of four needed $139,737 to avoid falling below the poverty line, because due to the inflation the total basic basket increased 9%.
This means that, due to the effects of the inflation, the total basic basket increased 88% up to October and in the last 12 months it increased 100.8%, while the basic basket increased 93.1% in the last year. It should be remembered that the total basic basket does not include what is paid for housing.
In comparative terms, a family of four members (two minors and two adults) needed double the income in October of this year than a year ago, since in October 2021 the same family group needed $30,925 to avoid falling into a situation of destitution.
Regarding the total basic food basket, during the same period last year a family needed $72,365 to be above the poverty line, while today almost double that amount is needed.
The dramatic figures show how hard the inflation about the income of citizens and how the minimum wage turns out to be insufficient to cover the basic expenses of a family, since in October the salary was $54,550.
In other words, if a household only receives this income, it took $7,555 to cover the basic food basket. While to pay the total basic basket (without housing), they lacked $85,187, more than double the minimum wage.
What will happen to inflation in the coming months
although in october the price index was lower than expected (6.3%), analysts say that in the remainder of the year the trend will continue to be high, with a floor above 6%, for which an annual accumulated rate of 100% or more is projected.
Meanwhile, prices increased 76.6% in the first 10 months of the year, while in year-on-year terms, the rise reached 88%, the highest figure in the last two decades.
