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Weekly Report - 18 July 2024 (WR-24-28)
ARGENTINA: Inflation blow for Milei
The Argentine government’s efforts to tamp down inflation suffered a setback on 12 July when the national statistics institute (Indec) revealed that the monthly rate in June was higher than in May. President Javier Milei has made reducing inflation to below 2% a month the main goal of ‘phase two’ of his government’s economic plan and a sine qua non for the removal of currency controls. This, in turn, is viewed as crucial to reactivating the economy, which has been plunged into recession by his government taking a chainsaw to public spending as part of its sweeping fiscal austerity measures to eliminate the fiscal deficit. Time is not on Milei’s side.
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