Argentina's National Statistics and Census Institute (INDEC) announced on Wednesday afternoon that Argentina's inflation rate for August was 4.2%.
INDEC Published The company released its latest detailed monthly report at 4 pm local time on Wednesday, explaining that the 4.2% inflation rate in August was an average taken from multiple sectors, with clothing and footwear recording the lowest inflation rate at 2.1%. Housing, utilities and fuel saw the biggest fluctuations at 7.0%.
Upon taking office in December 2023, President Javier Milley immediately implemented a series of “shock therapy” measures to reverse Argentina’s years of severe economic difficulties, which had worsened dramatically under the government of former socialist President Alberto Fernández (2019-2023), and to avert the hyperinflationary spiral that the country was falling into as a result of Fernández’s disastrous policies.
Since then, inflation has fallen steadily from 25.5% in December to 20.5% in May. 4.2 percentIt remained at around 4% for the next few months. In June, Argentina's inflation rate rose slightly, 4.6 percentIt dropped to 4% July — The lowest measurement rate in the past two and a half years.
Argentine Newspapers La Nacion Reported Argentina's headline inflation rate for 2024 is expected to be between 122.9 and 123.7 percent, according to market forecasts, down 90 percentage points from the 211 percent headline inflation rate expected in 2023, the end of President Fernandez's term, the government said on Wednesday afternoon.
Argentina's Integrated Pension System Announced It was reported this week that private sector wages had caught up with inflation, restoring purchasing power lost when Millay devalued the currency as part of his shock therapy.
The official release of the August inflation figures from the Argentine Statistics Institute comes just days before the government is due to present its proposed 2025 national budget, which will reportedly be in line with Finance Minister Milley's “zero deficit” fiscal target.
Presidential Spokesperson Manuel Adorni Announced On Tuesday, Milley will personally present the 2025 national budget to Congress, the first time an Argentine president has done so, a task normally carried out by the economy minister.
Milly Confirmed It was announced shortly thereafter.
“On Sunday, September 15th, at 9 p.m., I will present in the Argentine Congress a national budget based on the zero deficit rule. I would like you to witness a historic milestone that will be a before and after in the history of the Argentine economy,” Millay said, concluding with his famous catchphrase, “Damn it, long live freedom!”
Ahead of Tuesday's official approval, Millay had signalled his intention to present the budget in remarks made during the latest meeting of conservative group Madrid Forum in Buenos Aires, Argentina.
“I will soon go to Congress to explain the rationale for a zero-deficit budget and put a definitive end to the cancer of budget deficits, fiscal crises and macro-disasters that have impoverished Argentina,” Millay said. said last week.
Christian K. Caruso is a Venezuelan author documenting life under socialism. You can follow him on Twitter. here.
