Poverty levels in Argentina hit 57.4% in January, the highest in at least 20 years, according to a report by the Catholic University of Argentina (UCA) cited by local media on Sunday.
According to the report, the devaluation of the peso currency carried out by President Javier Milei shortly after his inauguration in early December - and the price hikes caused by it - exacerbated poverty levels, which closed the year at 49.5%.
"The true inheritance of the caste model: Six out of every 10 Argentines are poor," Milei, a libertarian, said in a social media post late on Saturday.
Milei took office promising to "dollarize" the economy, tame an annual inflation rate of more than 200%, eliminate the fiscal deficit and end benefits for Argentina's political dynasties, which Milei calls "the caste."
In December, his government rolled out sweeping economic reforms, primarily a 54% peso devaluation against the U.S. dollar, causing Argentines' incomes to collapse as prices shot up.
Other measures included slashing energy and transportation subsidies and rolling out tax hikes aimed at reaching fiscal balance.
On Friday, Argentina's economy ministry reported a January budget surplus of 518.41 billion pesos ($620.85 million), the first time the number has been in the green since August 2012.
Reuters was not immediately able to see a copy of the report. UCA did not respond to a request for comment.
($1 = 835.00 Argentine pesos)
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Featured Video Of The Day
INDIA's Bihar Ally Mukesh Sahani's Father Brutally Murdered At Home
Colombian Federation Chief Clashes With Security Guards Post Copa America Final, Arrested Watch: Lionel Messi's Raw Emotions As Argentina Lift Consecutive Copa America Titles Copa America Hosts USA Labelled 'Embarrassment', Doubts Cast Over 2026 FIFA World Cup "Someone Must Have Doubted...": Doctor On Trainee IAS Officer's Disability Claim What Trump Rally Shooter Did On Last Day Of His Life Trump's Vice President Pick Reveals How His Hindu Wife Helped Him Mumbai BMW Hit-And-Run Accused Mihir Shah Sent To Jail For 14 Days Try These Dairy-Free Foods To Help Boost Your Calcium 'Godman' Illegally Builds Temple Near Sacred Lake In Uttarakhand, Probe On Track Latest News Live on NDTV.com and get news updates from India and around the world.