Frustration Over 190% Inflation Rate... Store Looting and Gunshots Heard in Argentina

"94 Detained for Looting... Not a Mere Coincidence"
Over 150 Cases of Looting Attempts Thwarted

In Argentina, where the annual inflation rate is recording over 110%, a series of recent store looting incidents have occurred.

According to the Argentine daily newspaper La Naci?n on the 23rd (local time), the store robbery and theft incidents, which had been reported intermittently since last weekend, occurred simultaneously nationwide on the 21st and 22nd.

The government has identified that looting occurred in about 150 stores across various locations, including the southern Patagonia city of Bariloche, western Mendoza, and the outskirts of the capital Buenos Aires.

[Image source=Pixabay]

Videos showing the assailants have been steadily uploaded on social networking services (SNS). In the videos, the assailants are seen entering supermarkets or convenience stores in groups and sweeping away goods. Store owners stood in front of their shops to prevent looting and even fired guns at the assailants approaching them.

Axel Kicillof, governor of Buenos Aires Province, stated at a press conference that "94 people have been detained nationwide in connection with the store looting so far." It is also understood that there have been more than 150 incidents where looting was attempted but stopped by the police.

The Argentine government believes that these looting incidents are not mere coincidences. The government claims that Javier Milei, a member of the far-right party 'La Libertad Avanza' (Progressive Freedom), is behind the scenes.

Milei, known as the "Trump of Argentina," unexpectedly took first place in the primary election held on the 14th, which was a preliminary contest ahead of the presidential election scheduled for October. Local media analyzed that the government believes Milei's camp is trying to amplify public unrest and increase anti-incumbent sentiment.

Security Minister An?bal Fern?ndez asserted, "The looting itself is not the goal; someone is encouraging illegal acts by specific groups to incite conflict."

JPMorgan: "Argentina's Year-End Inflation Rate to Reach 190%"

Javier Milei of Argentina's main opposition conservative coalition is enjoying the joy of ranking first in the presidential primary election on the 13th (local time) at the party headquarters in Buenos Aires.
[Image source=AFP Yonhap News]

On the same day, the American investment bank JPMorgan announced in a report on Argentina's economy that it raised its year-end inflation forecast from the previous 150% to a staggering 190%. This means that prices will nearly triple within a year.

JPMorgan explained in the report that the 190% inflation rate is related to the official dollar exchange rate increase (peso devaluation) and the popularity of Milei, who secured 30% of the vote and took first place in the recent primary election.

Milei has pledged that if he comes to power, he will abolish the central bank and adopt the US dollar as Argentina's official currency. He pointed out, "If no one in Argentina wants the peso (the national currency), then the real value of the peso is questionable."

This content was produced with the assistance of AI translation services.