First modification:
Annual inflation in the South American country was higher than 254% in the first month of the year and the second of Javier Milei's term, according to the statistics agency, far exceeding the 211% of a month ago and the 160% of November. .
Within an already considerable increase in the general prices of the family basket in Argentina, food shows an even greater rebound. According to the National Institute of Statistics and Censuses, in January the increases in interannual terms were 254.2% and 296.2%, respectively.
The general result shows a growing trend in the annual behavior of the Consumer Price Index. In November, before the inauguration of President Javier Milei, the variation had been 160%.
Meanwhile, the monthly variation, which compares January with the immediately previous month, slowed to 20.6% from 25.5%, although it is still high compared to the 12.8% that prices had increased in the eleventh month. from 2023.
Upon his arrival at the Casa Rosada, Milei quickly devalued the peso, cut public subsidies and loosened some price controls, driving inflation to the highest levels since the hyperinflation crisis of the early 1990s.
The Milei Government foresees a gradual slowdown in inflation in the coming months, although poverty, which currently exceeds 40%, threatens to skyrocket before the economy stabilizes.
The International Monetary Fund predicts that the Argentine economy will contract by 2.5% in 2024.
With Reuters and EFE
#Economy #Argentina #food #prices #tripled #January #compared #year
