THE WALL STREET JOURNAL:
Shopkeeper Jonathan Faez has a word of advice to people around the world obsessing about inflation: Chill out.
“I have friends in the United States and Spain and they’re telling me they’re going crazy with their annual inflation of 5% or 7%,” says Mr. Faez, owner of a lingerie store. “Here, we reach 4% almost every month!”
Welcome to Argentina, where high, nearly uncontrollable inflation—now at an estimated 55.1% over the past year—is as natural as the country’s juicy sirloins and sensual tango shows.
With the rest of the world experiencing higher inflation—byproduct of supply chain crunches, heavy stimulus spending and the war in Ukraine—Argentina offers something of a window to those who fret about just how high inflation will go and what it will mean to their everyday lives.
They’ve had practice: In the late ’80s, runaway government spending sent inflation soaring above 3,000%, and after a period of relative stability the figure has been creeping up again, reaching 6.7% in March alone, the highest in 20 years.
“Here 40% is normal,” says Mr. Faez. “And when we get past 50%, it doesn’t scare us, it simply bothers us.”