Prices in Argentina have grown almost 3.5 times (by 236.7 percent) in a year — in August, their growth rate accelerated again, amounting to 4.2 percent against 4 percent in July. This is reported by TASS.
It is specified that since the beginning of the year, accumulated inflation in the country, which is experiencing a protracted economic crisis, has amounted to almost 95 percent.
By the end of 2023, Argentina’s price growth had reached 211.4 percent, the worst result in more than 30 years. The team of libertarian President Javier Miley, who came to power at the end of 2023, has not yet managed to achieve improvements.
Having taken over the country amid a deep budget deficit, he immediately promised to cut spending and balance public finances. In his first speech as head of state, Milei described the situation in the country as critical and declared the need for shock measures in the economy. These statements were followed by the signing of an emergency decree on the implementation of more than 300 reforms to liberalize the economy, including a twofold reduction in the number of ministries, a reduction in energy and transport subsidies, as well as a freeze on all infrastructure projects and a sharp reduction in funding for entire sectors of the economy.
As a result of these measures, poverty rates (from 49.5 to 55 percent) and unemployment (from 5.7 to 7.7 percent) increased in Argentina in the first quarter of 2024. After both houses of parliament passed a bill that would have increased pensions by about 7 percent, Miley vetoed it, explaining that it was impossible to allocate funding for the proposal. On Wednesday, September 11, deputies failed to get the two-thirds vote needed to override the president’s decision.
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