In December the prices increased 2.8% in the month-to-month measurement, following an upward trend that began in June.
The largest increases in the last month of the year were recorded in transportation, housing and rates such as water and gas.
But he overall result of the year was the lower since 2017when the inflation was at 24.8% during the government of Mauricio Macri.
This is good news for President Javier Milei, known globally for his draconian fiscal adjustment and his determination to cut public spending to stop the runaway price rise that has historically harassed Argentines.
“The stabilization program based on the fiscal surplus, the strict control of the amount of money and the capitalization of the Central Bank will continue to be the pillars to continue with the disinflation process,” the Minister of Economy, Luis “Toto” Caputo, wrote on the X network, celebrating the figure as an “extraordinary achievement.”
“Toto, the greatest,” Milei wrote briefly when reposting his minister’s comment.
In December 2023, upon assuming command, Milei devalued the Argentine peso by more than 50% and turned on the “chainsaw” with which he reduced expenses and froze budgets.
Thus, it managed to close 2024 at 117.8% inflation, almost half of the 211.4% that was recorded the previous year.
