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Miley celebrates the decline in inflation in Argentina to 8.8%

Miley celebrates the decline in inflation in Argentina to 8.8%

On Tuesday, the 14th of this month, Argentine President Javier Miley celebrated the decline in the inflation rate in April to 8.8%. “GOOOOOOOOOOOOL…!!!” Miley wrote on her Twitter/X page. He shared a photo of himself hugging Argentine Economy Minister Luis Caputo.

Miley posted a photo of herself hugging Argentine Economy Minister Luis Caputo
Miley posted a photo of herself hugging Argentine Economy Minister Luis Caputo Image: Reproduction/Twitter

Presidential spokesman Manuel Adorni attributed the decline in inflation to the implementation of the “honesty of prices” policy. Members of Miley’s party, La Libertad Avanza, also celebrated the inflation result.

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Ramiro Mara, a Buenos Aires legislator, stated via X that despite the positive result, “there is still a lot to improve.” He stressed that the government is “on the right path.”

“they [do governo anterior] We were left on the verge of hyperinflation, with wholesale inflation at 54% and daily retail inflation at 1%, which equates to 17,000% year-on-year. “Despite all this, within 5 months we were able to reduce inflation to single digits.”

Inflation in April

Argentina’s monthly inflation rate closed April at 8.8%, representing a slowdown of 2.2 percentage points compared to March, when it reached 11%. This was the fourth straight month of decline.

The data is from the National Institute of Statistics and Census (Indec) and was released last Tuesday. The housing, water, electricity, gas, and other fuel sectors (35.6%), communications (14.2%), and clothing and shoes (9.6%) were the sectors that witnessed the highest monthly change.

Annual inflation in Argentina rose to 289.4% in April – the highest level since February 1991, when inflation reached 582%. The increase was 1.5 percentage points compared to 287.9% recorded in March.

New 10,000 peso banknote

On May 7, the Argentine Central Bank began circulating the 10,000 Argentine peso banknote. According to the Monetary Authority, the memorandum aims to facilitate domestic trade flow and will be distributed gradually. The new note is equivalent to 57.56 Brazilian reals, or 11.35 US dollars. This measure aims to reduce the cost of producing low-value banknotes, due to inflation in the country.

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