Argentina National Institute of Statistics and Census (INDEC) announced The country's inflation rate in September was 3.5%, it said on Thursday.
The September result marks Argentina's lowest inflation rate since November 2021, the result of President Javier Millay's “shock therapy” economic measures, from 25.5% when he took office in December 2023. Steadily lowered inflation to 3.5% in September.
Mr. Millay's policies are aimed at overcoming Argentina's long-standing economic crisis, which worsened under the left-wing government of his predecessor, socialist former President Alberto Fernández (2019-2023). worsened dramatically during his administration.
Under Fernández, the inflation rate was 12.7%. September 2023. By the time he left office in December, Argentina was booming. On the verge complete economic collapse, 1,020 Percentage of total inflation accumulated over a four-year term.
The latest inflation measurements show that inflation has fallen below 4% for the first time under Millais, 0.7% lower than before. August's The inflation rate reached 4.2%, breaking through the four-month period in which the inflation rate had been hovering around 4%. Argentina's Economy Ministry said the inflation rate was 3.5%, but the core inflation rate, which excludes regulatory and seasonal factors, was 3.3%.
In its latest detailed monthly breakdown, INDEC, a decentralized organization within Argentina's Ministry of Economy, revealed that the inflation rate for the month was calculated from the average of several categories known to the institute. revealed. Housing, water, electricity, gas and other fuels had the highest rate at 7.3%, followed by clothing and footwear at 6%. The increase is reportedly This is due to increases in housing costs, rent, and related expenses, while the spike in clothing inflation is believed to be due to seasonal changes. Argentina, located in the southern hemisphere, enters the market. spring In late September.
According to INDEC, the categories with the lowest inflation rates were food and alcoholic beverages at 2.3%, alcoholic beverages and tobacco at 2.2%, and recreation and culture at 2.1%.
President Milay, Economy Minister Luis Caputo and other Argentine government officials celebrated the INDEC announcement on social media.
“Inflation will fall without going through hyper first.”[inflation];No expropriation of assets. without setting exchange rates. without controlling the price. By reconstructing relative prices. I have never seen inflation contested like this before. It will take some time, but it is a genuine product. Long live freedom, you bastard! ” Millay said on Thursday. The president posted a graph showing Argentina's dramatic decline in inflation during the first nine months of his administration.
Economy Minister Caputo pointed out that the inflation rate in September was the lowest since November 2021, and emphasized that “the deflation process continues and the trend of fiscal and monetary orthodoxy remains unchanged.''
“Can't you see it yet? Inflation rate of 3.5%! Do you understand why you need to maintain a balanced budget? Because this means that millions of Argentines are paying for all the products they buy. Because it means it will be cheaper,” said Security Minister Patricia Bullrich, adding: “This is not for one person, it is for everyone.”
Millay has insisted that Argentina's “zero deficit” fiscal goal is “non-negotiable” and reiterated his pursuit of it in a speech last week. exercised the right of veto A university loan bill that the government has branded “irresponsible” and a danger to the country's fiscal balance. Milley reiterated that she will veto any bill that violates the balanced budget. The right of veto is supported by the Argentine Congress on Wednesday.
Millay's policies have seen inflation fall steadily over the past nine months from 25.5% in December 2023 to 3.5% in September 2023, while Argentina will experience its first gross domestic product (GDP) was completed. surplus Since 2008, the country has reversed the 15% GDP deficit it faced when he took office in December.
