Argentina National Institute of Statistics and Census (INDEC) announced Argentina’s inflation rate continued its downward trend in April, it said on Tuesday, reaching 8.8% for the month, the first time in six months it had fallen to single digits.
The continued decline in inflation follows the implementation of President Javier Millay’s “shock therapy” economic measures, which his government began upon taking office in December 2023 to avert Argentina’s hyperinflationary spiral. .
April’s decline in inflation marks the first time since October 2023, when inflation fell to single digits, and marks the fourth consecutive month in which Argentina’s inflation rate fell significantly during Milay’s five-month term as president. This shows that the value has decreased.
When Millay took office, succeeding his socialist predecessor Alberto Fernández, Argentina’s inflation had risen dramatically to 25.5% in December. Since then, Milley’s economic policies and “zero deficit” goal have resulted in inflation falling every month in a row. The inflation rate fell to 20.6% in January, 13.2% in February, and 11% in March.
Millay celebrated the announcement of the April 2024 inflation rate by shouting a soccer goal on social media. Along with the exclamation, the photo was accompanied by a photo of him hugging Economy Minister Luis Caputo.
Gooooooooooooo…! pic.twitter.com/lM5nSl37Xu
— Javier Milei (@JMilei) May 14, 2024
Shortly before the announcement of INDEC, Millais declared “We are beating inflation” [with goals]” he said during a speech as part of the inauguration of a bust of former Argentine president Carlos Menem in the presidential palace.
Ramiro Mara, an Argentine lawmaker from Millay’s liberal Freedom Forward party, celebrated April’s inflation results in a statement but lamented that the previous socialist government “left us on the threshold of hyperinflation.”
“Despite all this, we succeeded in bringing inflation down to single digits in five months,” Mara’s message said. “There is still a lot of room for improvement, but we are moving in the right direction.”
54% Majoristas 54% and 17.000% Minoristas Diaria del 17.000%. In 5 steps you will see a digitized infrasion.
Remember many things and find the right Camino. pic.twitter.com/M9nKPMw527
— Ramiro Mara (@RAMIROMARRA) May 14, 2024
Presidential Spokesperson Manuel Adorni explained The committee said on Tuesday that the normalization of previously regulated prices was largely responsible for the 8.8% inflation rate in April, noting that food inflation was only 6%. .
“Inflation has been crushed and its death certificate has been signed,” Adorni declared.
Adorni also said: interview argentina newspaper and La Nación Although the inflation numbers are “bad”, Argentina’s economic recovery path is “clear”, he said.
“It’s the worst. [rate] The Millais era and the last six months,” Adorni said. “And because there are no tiered prices, this is more pure inflation than other numbers in the past.” [government-regulated prices]”
“There has been a huge disruption to the economy. Of course the numbers are bad, but it seems like the path is clearer and cleaning is progressing. [Argentine] “The closure of the central bank and the banknote machines worked,” he continued.
The Argentine Presidential Spokesman further added: “If we analyze the purest core inflation, it was 6.3%. The inflation rate for people who have less assets is much lower than the general index. Hopefully, Salaries will start to outpace inflation.”
“Inflation has been signed on its death certificate. Once we achieve fiscal balance and we clean up the central bank, inflation will disappear because we have thrown away the money machine,” Adorni said. “This is the way to end inflation”
Christian K. Caruso is a Venezuelan writer who chronicles life under socialism. You can follow him on Twitter here.
