A closely watched measure of inflation in Argentina remained stronger than the libertarian government of President Javier Milei would have hoped. The country's official statistics agency on Friday reported a rise in June prices that broke a monthslong streak of declines. Argentina’s consumer price index rose 4.
FILE - Argentine President Javier Milei walks arm-in-arm with Vice President Victoria Villarruel during Independence Day celebrations, in Buenos Aires, Argentina , July 9, 2024. Argentina ’s consumer price index report released Friday, July 12, 2024, showed Argentina ’s annual inflation slowing a bit to just over 271% — still among the highest rates in the world.
The country’s cost of living has surged nearly 80% in the first five months of 2024 compared to the same period last year, the report also showed. Prices in Buenos Aires shops and restaurants have reached levels comparable to the U.S. even as public salaries and pensions have been held down. The steep fall in Argentina’s currency means the gap between the black market rate and the official exchange rate, currently 919 pesos to the dollar, has widened to over 50%. That complicates Milei’s goal of eventually lifting Argentina’s strict currency controls to restore investor confidence.
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