Sticker shock and concern about soaring prices in Argentina after major currency devaluation

Published December 18, 2015

Many Argentines are expressing shock at a sharp rises in prices due to a major devaluation of the South American nation's currency.

Supermarket shoppers interviewed Friday say they'll have to buy less of some products like bread and even cut out some things like beef.

Gisela Guana says the rise is "scary." The 26-year-old maid says that earlier this week she could buy bread for 13 Argentine pesos (US$0.92) per kilogram (42 cents a pound). Now it's 17 pesos (US$1.21)(55 cents a pound).

The administration of new President Mauricio Macri on Thursday lifted restrictions on buying U.S. dollars. That triggered an immediate devaluation of about 30 percent vis a vis the dollar.

Even before the devaluation, Argentines had been complaining for weeks about raising prices.

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