Argentina's inflation edges up in June, breaking a months-long streak in a blow to President Milei
A closely watched measure of inflation in Argentina remained stronger than the libertarian government of President Javier Milei would have hoped
BUENOS AIRES, Argentina — A closely watched measure of inflation in Argentina was stronger than the libertarian government of President Javier Milei would have hoped on Friday, as the official statistics agency reported prices edging up in June and breaking a months-long streak of declines.
Argentina's consumer price index rose 4.6% in June, slightly up from the rate of 4.2% in May, ending a five-month trend of cooling inflation that experts had attributed to a deepening recession brought about by Milei's harsh austerity. The International Monetary Fund predicts a 2.8% contraction this year.
President Milei has touted the falling prices over recent months as a victory in his fight against Argentina’s worst economic crisis in over two decades.
After Milei took office in December, monthly inflation peaked at 25%. But the price drop since hasn't offered much relief to ordinary Argentines as Milei presses on with a radical economic overhaul that involves slashing generous energy subsidies, scrapping price controls and devaluing the Argentine peso.
“The world that the government lives in, with all these numbers saying the economy is great, it's a fantasy,” said 34-year-old taxi driver Jose Rafael in Buenos Aires. “In the real world, this economy makes it really hard to feed my son.”
Friday’s government report showed Argentina’s annual inflation slowing a bit to just over 271% — still among the highest rates in the world.
Surging electricity and gas prices accounted for most of June's inflationary spike, the statistics agency said. Argentines have reported eye-watering utility
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