Annual inflation of 114% is pushing Argentina to the right

Saturday June 24th will be a momentous day in Argentina: Lionel Messi, a superstar footballer, will turn 36. It is also the day the election season officially begins in the country. As politicians limber up to compete as presidential hopefuls for the poll later this year, they face a daunting backdrop. The annual inflation rate, of 114%, is the world’s third-highest. The share of people who cannot afford basic foodstuffs and services has risen from 30% in 2018 to 43% today. Unsurprisingly, the main concern of voters is the economy. And it is pushing them to favour politicians who offer radical fixes to their country’s economic malaise.

So far, some 20 candidates have thrown their hat in the ring. They will battle it out to win the backing of their parties in primaries on August 13th. The winners of those will move to the first round of the presidential election on October 22nd. But the depth of Argentina’s economic problems means that the election this year is particularly unpredictable.