“Argentines see their standard of living falling as the fastest pace of inflation in a decade erodes their purchasing power and confidence in President Cristina Fernandez de Kirchner’s economic policies. Last month’s 19 percent devaluation of the peso, which drove up prices on products from cars to refrigerators, highlights Fernandez’s dilemma. In a series of Twitter posts from a summit in Havana last month, Fernandez said banks, importers and exporters were behind ‘speculative’ movements in the markets, without giving more details. Sales of imported luxury cars rose, as Argentines sold dollars on the black market and then bought the cars at the official exchange rate, saving 40 percent.”
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