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Associated PressSEP 11 2024
Argentina's monthly consumer inflation fell from 3.5% in September to 2.7% in October 2024 — the lowest since November 2021. The annual rate slipped below 200% for the first time since last November, according to data from the Instituto Nacional de Estadística y Censos (INDEC).
The Economy Ministry said the INDEC statistics bureau's number published Tuesday are “consistent with a deepening [of] the disinflation process.” Consumer prices in Argentina have reportedly risen 107% in the first 10 months of the year and 193% over the past 12 months.
Pres. Javier Milei Tuesday said if inflation stayed constant in November and December, he would slow the monthly currency devaluation by the central bank from 2% to 1%. Analysts had last week reportedly pegged the monthly November inflation at 2.9%.
Despite inheriting an economy ravaged by 211% inflation, Pres. Milei's bold "shock therapy" is bearing fruit in Argentina. His uncompromising focus on balancing budgets and ending money printing has driven inflation down dramatically from 25% in December 2023 to 2.7% by October 2024. While the path has been painful, with necessary recession and spending cuts, the strategy's success is evident in renewed mortgage lending and surprising economic growth.