Argentine President Javier Milley confirmed on Monday morning that food and beverage inflation hit zero percent in the third week of June for the first time in 30 years.
the study Published on sunday EconometricaA private consulting firm in Argentina was the first to report a week without inflation. Econometrica An analysis of 8,000 prices from a local online supermarket found no change compared to the previous week, something that hasn’t happened in Argentina for 30 years. In addition to no price change over the week, the study found that food and beverage prices had increased by just 0.1% over the past 15 days.
President Milley, who is currently in Prague, Confirmed President Trump announced the study’s findings in a telephone interview with Argentina’s Radio Mitre on Monday morning, praising them as a success of his economic policies.
“This means that we are on the right path. There is still a long way to go, but the first signs are starting to appear that things are going well,” Millay told Argentine journalist Eduardo Feynman.
“I present it and explain it from time to time, but, well, I’ve encountered an egregious level of intellectual dishonesty recently. We all know that wholesale inflation is what predicts and anticipates retail inflation, but the reality is that in December we arrive at an inflation rate of 54%, which works out to $17,000 per year,” he continued.
Milley added: “Perhaps this speaks also to the misery and incompetence of other colleagues. But there is no country in the world where our enormous challenge of controlling inflation is not acknowledged.”
Since taking office in December last year, President Milley has implemented a series of “shock therapy” economic policies to revive Argentina’s economy, which had been destabilized by nearly two decades of socialist rule and was on the brink of hyperinflation.
Since then, Argentina’s monthly inflation rate has trended dramatically downward, falling from 25.5% in December to 4.2% in 2013. MayIn Argentina, it was at its lowest level in more than two years. Recorded The country recorded a gross domestic product (GDP) surplus in the first quarter of this year, the South American nation’s first since 2008.
Milley is in the Czech Republic, the final destination of her four-day trip. trip Mylai’s European tour began on Friday with a visit to Spain, followed by a two-day stop in Germany over the weekend, where he met with German Chancellor Olaf Scholz. Mylai is due to meet with Czech Prime Minister Petr Fiala on Monday morning.
President of Argentina Explained “It’s been a great trip so far, very positive,” he said in an interview Monday morning.
“The German Minister [Scholz] “Given his influential position within the International Monetary Fund, he asked me how the economic plan was working and what the future holds,” Millay said. “We also discussed some of the problems German companies are having in Argentina and how we are progressing towards resolving those issues.”
“We also discussed the issue of natural resources, which are very important for Germany, which will encourage a lot of investment in Argentina,” Millay continued. “We also discussed Argentina’s accession to the OECD. [Organisation for Economic Co-operation and Development]”We discussed NATO, Mercosur and the integration of the European Economic Community, among other things. It was a very productive meeting.”
Millay also clarified that his administration would not pursue a devaluation of the Argentine peso. statement Economy Minister Luis Caputo denied such plans last week, saying instead the government would continue implementing the current plan, which focuses on maintaining good relations with the International Monetary Fund and preserving a currency exchange system that allows companies to sell 20% of their revenues in US dollars on financial markets and settle the remaining 80% at the official exchange rate.
“Some experts have made unfortunate arguments to justify and cover up their mistakes by talking about what they wish would happen, rather than what really should happen,” Milley said. “Some industries take advantage of low wages and rising poverty, but we see things differently.”
Christian K. Caruso is a Venezuelan author documenting life under socialism. You can follow him on Twitter. here.
