Monthly inflation rate in Argentina slows to 2.7 percent October, lowest since 2021
Date
11/14/2024 2:46:25 AM
(MENAFN) Argentina's inflation rate slowed to 2.7 percent in October, marking the lowest level in three years, a significant victory for President Javier Milei's libertarian government. This drop comes nearly a year after Milei assumed office with promises to pull the country out of its severe economic crisis. The October inflation rate was reported by Argentina's statistics agency on Tuesday, showing a clear improvement from the 3.5 percent recorded in September. On an annual basis, inflation in October stood at 193 percent, a decrease from 209 percent in September.
Milei has been celebrating the recent decline in inflation as a key success in his efforts to tackle Argentina's worst economic crisis in over two decades. His administration has made significant strides in curbing inflation, a notable shift from the dire economic situation when he took office. The government had set a goal to bring inflation below 3 percent before the end of the year, and this October figure marks the realization of that promise, though it remains to be seen if the trend will continue.
When Milei assumed office in December, Argentina's inflation rate had surged to a staggering 25 percent in a single month, a reflection of the economic turmoil the country was experiencing. While the overall inflation figure has gradually decreased since then, ordinary Argentinians continue to face challenges in their daily lives due to the drastic economic overhaul implemented by the government. This overhaul included the elimination of energy subsidies, which had previously provided financial relief for many citizens.
Despite the positive figures, the reduction in inflation has not yet fully alleviated the economic hardships faced by many in Argentina. The country’s ongoing economic struggles, including high poverty rates and the effects of the government’s sweeping reforms, continue to impact the lives of ordinary people, indicating that while inflation has slowed, the broader economic challenges remain significant.
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