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.
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.
In stark contrast to Milei’s program, those past Peronist administrations fixed prices and printed billions of dollars’ worth of pesos to fund a large deficit — fueling chronically high inflation.
The government has also capped electricity consumption to qualify for subsidies, squeezing families as a cold front sweeps Argentina during the Southern Hemisphere’s winter.
In another warning sign, the peso fell Friday to another record low against the dollar, hitting 1,500 on the black market and capping another week of volatility after holding steady in the first few months of the year.
“The staff will engage in discussions on a possible new arrangement as we would with any IMF member,” the fund’s spokesperson, Julie Kozack, told reporters when asked about the state of negotiations.
The original article contains 596 words, the summary contains 187 words. Saved 69%. I’m a bot and I’m open source!
This is the best summary I could come up with:
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.
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.
In stark contrast to Milei’s program, those past Peronist administrations fixed prices and printed billions of dollars’ worth of pesos to fund a large deficit — fueling chronically high inflation.
The government has also capped electricity consumption to qualify for subsidies, squeezing families as a cold front sweeps Argentina during the Southern Hemisphere’s winter.
In another warning sign, the peso fell Friday to another record low against the dollar, hitting 1,500 on the black market and capping another week of volatility after holding steady in the first few months of the year.
“The staff will engage in discussions on a possible new arrangement as we would with any IMF member,” the fund’s spokesperson, Julie Kozack, told reporters when asked about the state of negotiations.
The original article contains 596 words, the summary contains 187 words. Saved 69%. I’m a bot and I’m open source!