Poverty levels in Argentina hit 57.4% in January, the highest in at least 20 years, according to a report by the Catholic University of Argentina (UCA) cited by local media on Sunday, Paralel.Az reports citing Reuters.

According to the report, the devaluation of the peso currency carried out by President Javier Milei shortly after his inauguration in early December - and the price hikes caused by it - exacerbated poverty levels, which closed the year at 49.5%.

"The true inheritance of the caste model: Six out of every 10 Argentines are poor," Milei, a libertarian, said in a social media post late on Saturday.