Daily Management Review

Despite The Challenges Of 109% Inflation, Argentines Grill More Steak


Despite The Challenges Of 109% Inflation, Argentines Grill More Steak
According to a Rosario grains exchange report released on Friday, Argentines are anticipated to consume the most beef in five years in 2023, maintaining their position as the world's top consumer of steaks per capita despite the severe effects of 109% inflation on food costs.
The country that produces a lot of beef, where 'asado' barbecues are popular and steakhouses line city streets, has seen a decline in beef consumption recently as consumers switched to chicken and pork because they are less expensive.
However, even in the face of one of the worst inflation rates ever recorded, which has severely reduced purchasing power, this appears to be partially reversing. Analysts predict that by the end of the year, inflation may reach 130%.
"Despite everything, the traditional asado remains one of the pillars of the local gastronomic tradition, and a must at most Argentine dinner tables," the exchange said, adding likely beef consumption this year would be 53.1 kilograms per person.
Although it had decreased since 2021 compared to pork and chicken, the relative cost of beef was still high compared to the historical average, according to the exchange. Even though they were once again below historical averages, gross incomes were somewhat higher in 2022 than in 2021.
This year, 46% of the meat consumed was beef, up from 44% two years prior. The amount of beef and its percentage are still considerably below their recent highs of nearly 70% and 68 kg per person, respectively.
Even if the largest inflation rate since 1991 has forced over 40% of the population into poverty, the most recent increase in the data highlights the significance of beef in Argentine culture.