Argentina crisis – level 3

19-10-2022 15:00

Inflation in Argentina could hit 100% this year, which is the sharpest rise in prices since a period of hyperinflation around 1990. This extreme rise happened as the world is fighting to tame soaring prices.

Many people are struggling to survive. At a garbage dump outside Buenos Aires, men waded through piles of waste to find usable clothing and even food; they sort cardboard, plastic, and metal to sell it later. Twice as many people come to the dump or trade their belongings in barter clubs.

People have no money left, and they’re so desperate that their only choice is to barter. People exchange things like old clothes for a bag of flour or pasta.

A century ago, Argentina was one of the world’s richest countries; however, in recent years, several economic crises happened, and the country has struggled to control inflation.

Difficult words: hyperinflation (a very high and out-of-control increase in prices), tame (to make something easier to control), barter (to exchange things or services without money).

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