Buenos Aires has seen a significant increase in poverty levels, with an estimated 1,083,000 people living in poverty compared to the previous quarter. This rise in poverty has been fueled by a decline in the middle class, which saw a reduction of 100,000 people. A notable portion of the new poor have transitioned from the middle class.
Indeed, poverty and indigence have reached record levels in the city. The Directorate of Statistics and Censuses reveals that poverty levels have reached 35.1%, with a notable decrease in the middle class from 40.7% to 37.4%. Child poverty has also shown a sharp increase, affecting 44% of children under 17 years of age – a significant increase from the previous year when only 37.4% of children were living in poverty.
The decline of the middle class in Buenos Aires has been steep in recent years, with a drop of almost 18 percentage points compared to previous records. Indigence has also seen a significant increase, with 15.3% of people living in destitution compared to 12.2% in the previous quarter. These trends are largely driven by economic factors such as inflation and unemployment rates that continue to rise despite government efforts to stabilize them.
The Report highlights that poverty and indigence have reached record levels in Buenos Aires due to rising prices and stagnant wages for many workers who struggle to make ends meet despite working long hours or multiple jobs.
In conclusion, Buenos Aires faces an urgent crisis related to its growing poor population which is affecting all sectors including households across the board, reducing their access to basic necessities and making it harder for them to move out of poverty cycle.