Is Javier Milei’s economic gamble working?
Inflation has plunged in Argentina, but some vital goods have soared in price
JAVIER MILEI, Argentina’s president, swept into office on a promise to conquer inflation by slashing government spending. The scruffy-haired, chainsaw-wielding economist has not disappointed. Since taking office in December 2023 Mr Milei has cut government outlays by around 30% in real terms, by laying off more than 30,000 government workers, slashing energy and transport subsidies, suspending public-works projects and freezing state wages and pensions. The effect on inflation has been dramatic. On January 14th INDEC, the county’s statistics authority, reported that prices rose in December by just 2.7% month on month, down from 25.5% a year earlier.
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