Inflation in Argentina remains out of control. Proof of this is that, according to Agência O Globo, the graphite-colored 256GB iPhone 13 Pro Max costs 1,007,149 pesos, which is equivalent to 43,000 reais. The publication of the only site that has the device in stock also reports that the cost is 15%.

The report says that until this Monday morning (11) the only device on sale was offered for almost 724,999 pesos on the free market. On Amazon with shipping to Argentina, it cost $989.

The iPhone has become a luxury item in Argentina for 1 million pesos — Photo: Amar Preciado/Pexels/Disclosure/ND

According to La Nación, until noon this Monday, the price of the household appliance chain in dollar terms at liquidation on the solidarity exchange was equivalent to 3,844 US dollars. If the cost were based on the official (import) dollar, it would jump to $8,037.

The “solidarity dollar” comes from the application of a quoted rate of 30% of the selling price of the US currency on the official foreign exchange market.

Damian Di Pace, head of consultancy Focus Market, a marketing consultancy firm for Argentina’s government agencies, said there would be “no more” of these devices for sale as they are now considered luxury items.

There will also be no replacement, because non-automatic licenses with a validity of 365 days are used so that the importer can access foreign currency at the official rate.

He also states that the dollar used is official because it is “a consideration made by Minister Silvina Batakis in relation to imports.”

One US dollar is worth 127.04 Argentine pesos — Photo: Tyler Lastovich/Pexels/Disclosure/ND

According to La Nación, the hardware store chain that announced the iPhone is offering payment in 12 interest-free installments of almost 84,000 pesos, the equivalent of nearly two times the minimum monthly wage (45,540 pesos).

About 20 years ago, with full convertibility, the dollar conversion rate was 1 to 1, that is, 1 million Argentine pesos was equivalent to 1 million US dollars.

Late last year, when it was announced that this iPhone model would be available in mid-January in the country, it was reported that the price would be around 534,000 pesos, almost half what it costs today.