Argentine president Mauricio Macri is meeting with powerful union leaders to discuss their growing demands for salary hikes amid one of the world’s highest inflation rates.
The government has been offering salary hikes of up to 25 percent in line with this year’s inflation forecast. But the country’s unions have been asking for up to 40 percent. The unions say that Macri’s recent decision to float the local currency and eliminate utility subsidies has put extra pressure on consumer prices and increased the overall cost of living across Argentina.
Macri said before the meeting Thursday that inflation is at “unacceptable levels.” On Tuesday, he admitted that it would take between three to four years to lower the inflation rate and fix Argentina’s most pressing problem.