Alexis Francisco, 33, Argentina
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The first memory Alexis Francisco has of inflation is related to a bottle of Coca-Cola. As a child, the now 33-year-old watched meticulously as his favorite drink became more and more expensive. When he was young, he was not familiar with the concept of inflation. He only noticed how he had to dig more of his pocket money out of his wallet for his Coke every month.
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Alexis Francisco grew up seeing prices keep going up. In his native Argentina, double-digit inflation rates have been the norm for many years. A self-reinforcing mechanism has become established, he says. Year after year, workers demanded higher wages, producers and service providers adjusted prices accordingly, and workers in turn wanted more money to be able to afford to live. His own salary is even increased every third month. Economists call this phenomenon a wage-price spiral.