Argentina’s inflation rate was 4.2% in May, continuing the downward trend seen in the first five months of 2024, the Argentine National Statistics and Census Institute (INDEC) said. Said On Thursday.
Inflation in May was 4.2%. April At 8.8%, it was the lowest monthly inflation rate recorded by the South American country since January 2022.
This inflation rate is likely the result of President Javier Milley’s “shock therapy” economic policies, which seek to break the shaky state of the Argentine economy after years of socialist rule. When Milley took office in December, Argentina was on the brink of hyperinflation, with inflation that month soaring to 25.5%. Since then, Argentina’s inflation rate has continued to fall each month, hitting its lowest monthly rate in more than two years in May.
The results, released by INDEC on Thursday, International markets perform well – Argentinean stocks Reportedly Wall Street experienced a surge of up to 10%. Reportedly While it rose more than 4 percent, sovereign risk, a statistic that quantifies how “risky” foreign investors perceive a country’s public debt to be, fell nearly 60 points to 1,424.
“May’s data deepened the ongoing deflationary process, with the three-month moving average of national CPI changes reaching its lowest level since July 2023 and about six points lower than the six-month moving average,” Economy Minister Luis Caputo said. Said On Thursday.
“This last indicator, which also incorporates months in which major relative price adjustments (exchange rates, price-controlled goods and services, and utility prices) took place, is already at its lowest level since December,” he continued.
another post Caputo said on social media on Thursday that May’s 4.2 percent inflation rate was an “achievement” for all Argentines, adding that “we are getting closer to building the country we want.”
“Let’s restore hope and pride in being Argentine,” Caputo continued.
The May inflation results were released the day after the Argentine Senate voted. approve Millay’s revised omnibus bill, known as the “Law of Foundations and Starting Point of Argentine Freedom,” aims to enact a radical reform of the Argentine state. The project includes most of Millay’s planned reforms for Argentina and will codify the contents of the Presidential Decree of Necessity and Urgency (DNU). Signed In December, Prime Minister Milley repealed more than 350 socialist policies.
Argentine President Javier Mirey (centre) addresses the nation surrounded by his cabinet ministers at the Casa Rosada presidential palace in Buenos Aires (© Handout / Press Room of the President of Argentina/AFP)
The project, which was approved at the end of a meeting that lasted more than 11 hours, included: Tiebreakerng The bill was passed by a vote of Vice President Victoria Villarroel, who heads the Argentine Senate. Following Wednesday’s general approval, Argentine senators must convene in the coming days to debate and vote on the bill article by article.
The vote was violently turned by far-left protesters. Started a riot Left-wing rioters protest near the Argentine Congress in Buenos Aires Burn He knocked over a local TV station vehicle, Reportedly It caused more than $300,000 in damage.
A car belonging to the Cadena 3 radio station is photographed being set on fire during protests in front of the National Congress in Buenos Aires on June 12, 2024. (Luis Robayo/AFP via Getty)
President Javier Milley the current Millei is in southern Italy for the G7 summit, where he is reportedly due to meet with International Monetary Fund Managing Director Kristalina Georgieva before attending the Ukraine Peace Summit in Bürgenstock, Switzerland.
Christian K. Caruso is a Venezuelan author documenting life under socialism. You can follow him on Twitter. here.
