Argentina recorded its lowest monthly inflation rate in 4.5 years at 2.2% in January, providing a boost for President Javier Milei's austerity program. While year-on-year inflation remains high at 84.5%, this marks the first time in two years it has fallen below 100%. Milei's policies, including public sector job cuts and a peso devaluation, have been credited with curbing inflation but have also led to recession and increased poverty.
BUENOS AIRES - Argentina recorded a monthly inflation rate of 2.2 percent in January, the lowest in 4.5 years, the INDEC national statistics agency said, in a boost for budget-slashing President Javier Milei.
Year-on-year, January inflation came in at 84.5 percent, said the INDEC -- the first time in two years it was under 100 percent, but still one of the highest in the world.Self-declared"anarcho-capitalist" Milei came to power wielding a chainsaw as a symbol of his plan to restore fiscal discipline and curb runaway prices.
But by November 2024, it had fallen to its lowest level in over four years on the back of an austerity program that has entailed firing over 33,000 public sector workers, halving the number of government ministries and vetoing inflation-aligned pension increases.
INFLATION ARGENTINA ECONOMICS AUSTERITY RECESSION
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