The National Institute of Statistics and Census of Argentina (INDEC) reported on Tuesday that inflation in Argentina decreased to 8.8 percent in April, marking the first time in six months that it dropped to a single digit.
This reduction in inflation can be attributed to President Javier Milei’s economic measures, known as “shock therapy,” which were implemented when he took office in December 2023 to prevent hyperinflation in Argentina.
Under Milei’s presidency, inflation has consistently decreased each month, reaching 20.6 percent in January, 13.2 percent in February, and 11 percent in March. In April 2024, Milei celebrated the inflation rate dropping to single digits with his Economy Minister, Luis Caputo.
Argentine lawmaker Ramiro Marra praised the progress made in lowering inflation, stating that the current administration has successfully brought it down to one digit in just five months.
Presidential spokesman Manuel Adorni explained that the reduced inflation rate was mainly due to the normalization of once regulated prices, particularly in the food sector. Adorni expressed optimism for Argentina’s economic recovery, noting that the path forward is clear despite the challenging inflation rate scenario.
He emphasized the importance of focusing on core inflation, which stood at 6.3 percent, highlighting that those with lower incomes experienced even lower inflation rates. Adorni believes that by achieving fiscal balance and cleaning up the Central Bank, inflation can be effectively addressed.
Overall, the government is optimistic about the progress made in reducing inflation and remains committed to stabilizing the economy for the benefit of all citizens.
