The inflation rate for Argentina in 2016 was forecasted to be 25%. President Mauricio Macri’s administration acknowledged that inflation will probably go beyond the predicted ceiling of 25%.

Despite this confession, he says the percentage can still change as the months pass, like any inflation. But there doesn´t seem to be much hope with the increasing price in gas and water of 300% and the increasing price of public transportation of 100% since April. However, Macri is still convinced that inflation and the economy as a whole will be stabilized by 2019.

That goal is still 3 years away, which is not good news for the estimated 13 million people who live under the poverty line in Argentina. According to the Catholic University of Argentina (UCA) in Buenos Aires , 29 to 32.3 percent of the population in 2016 lives in poverty, and that´s not even considering the rising costs which will take effect soon.