2023-06-20 00:00:00
In an article published this Monday, the American newspaper referred to the paradox of the growing gastronomic boom in spite of the economic crisis and inflation of almost 8% per month.
Monday June 19, 2023
The New York Times analyzed in an article the gastronomic phenomenon in the City of Buenos Aires that, a priori, would not seem to be correlated with inflation of around 8% monthly and exceeds 100% annually
“In Buenos Aires, the cosmopolitan capital of Argentina, a world-class culinary scene is flourishing. This wouldn’t necessarily be news if it weren’t for the fact that Argentina is in the midst of an extraordinary financial crisis. Inflation exceeds 114%—the fourth highest rate in the world—and the Argentine peso has plummeted, with a 25% drop in three weeks of April,” the US newspaper noted.
In addition, it should be noted that within the CPI, the category of restaurants and hotels registered an increase of 9,3% in May, standing above the general level (7,8%). Meanwhile, at the year-on-year level it also exceeded the average by increasing 134,5%.
For him New York Times, “It is the drop in the peso that is driving the boom in the restaurant industry sector. Argentines are eager to get rid of the currency as soon as possible, and that means the upper and middle classes are eating out more often, and restaurant owners and chefs are reinvesting their income in new restaurants.”
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This phenomenon is not only taking place in restaurants but also in concerts. Without going any further, the singer Taylor Swift recently put on sale tickets for 3 shows that she will give in November at the Monumental Stadium and they sold out in a few hours. Despite the high price of the tickets, there were regarding 3 million people waiting in line virtual to purchase them.
“The boom, in a way, is a facade. Everyone seems to be having a good time. However, In much of the country, Argentines are barely surviving and hunger is on the rise. And in the more affluent circles, the fever to go out is a symptom of the decline of the middle class that, unable to afford large purchases or trips, choose to live in the here and now because he doesn’t know what tomorrow will bring him or if his money will be worth anything”, considered the article.
In this regard, to be considered middle class in the City of Buenos Aires, a family of four needed $342.565, as reported days ago by the Buenos Aires General Directorate of Statistics and Censuses.
How much money does a family need to be middle class in CABA?
However, the New York Times stated that “the city of Buenos Aires, which has been trying to promote its culinary scene, has recorded the volume of dishes sold in a sample of restaurants every month since 2015. The most recent figures, corresponding to April, show that attendance at restaurants is at one of its highest levels since the record began, and 20% higher than its peak in 2019, before the coronavirus pandemic began.
“Although the devaluation of the currency has also attracted tourists to Buenos Aires once more as the pandemic has subsided, it’s the locals who are coming out with intensity. For some middle-class people in particular, Expenses like a vacation or a car have been largely out of reachso other tastes are given ”, he concluded.
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