The threat posed by high rates of inflation is to much more than people’s wallets.
Inflation, now running at 116 percent, has driven some 40 percent of Argentines into poverty. That combination is not a recipe for social calm, meaning that this story from the Buenos Aires Times is worth noting:
Close to 30 people were arrested in Argentina over the long weekend following looting at shops in the provinces of Cordoba and Mendoza.
Argentina being Argentina, the government has been quick to attribute political motives to this rather than more generalized discontent:
Officials from the national government complained Monday that the “criminal acts” were conspiratorial in tone and designed to spark confusion and insecurity fears amid the presidential election campaign.
“These are criminal acts to deliver more confusion and generate conflict. There is nothing else, they have not been looting, they seek to provoke an action to attract attention,” claimed Security Minister Aníbal Fernández in a radio interview.
“Someone is encouraging it, looking for an alternative that has nothing to do with looting; it is a vocation to generate conflict,” he declared.
Buenos Aires Security Minister Sergio Berni confirmed 36 people were arrested and spoke of “coordinated” episodes. He also denounced a campaign on social networks inciting looting.
A Chinese supermarket in La Reja, in the district of Moreno, had been looted and then set on fire. The images were captured by neighbors who shared the videos on social networks. Also, the owner of the store was hit in the head with a brick and had to be hospitalized, although he was later discharged.
Presidential Spokesperson Gabriela Cerruti said on X (formerly known as Twitter) that “the images that are circulating in the networks are false, published in accounts that are clearly followers or employees of [presidential frontrunner Javier] Milei.”
And, of course, it would not be surprising if professional criminals attempted to take advantage of the situation.
The Buenos Aires Times again:
“There have been arrests by the police and judicial authorities, and many of the organisers are citizens who had previous convictions. We don’t see in this a social reaction, but rather acts that deserve the full weight of the law,” added Cabinet Chief Agustín Rossi on Tuesday.
At least 20 people were arrested on Tuesday in Córdoba for the looting of at least 12 shops, provincial police said in a statement. In Mendoza, seven were detained, with unrest also reported in Neuquén. In the nation’s capital, Buenos Aires City, an attempt to loot shops in Barrio 1-11-14, Bajo Flores, on Monday night was prevented by local residents.
Those incidents came less than 24 hours after a large group of people attempted to loot a supermarket in Río Cuarto, Córdoba Province. At least 10 people were arrested for the incident, seven of whom are minors.
Nevertheless:
Looting is a sensitive topic, heavily associated with the unrest in December 2001 that gripped the country during a sweeping economic, social and political crisis. Similar behaviour was seen in 1989, in the midst of hyperinflation.
The threat posed by high rates of inflation is to much more than people’s wallets.