Inflation in Argentina rose to 289 per cent in April on an annualised basis, the highest level since 1991, demonstrating that President Milei’s round of tough austerity measures has yet to curb price growth.
Although the yearly increase in prices ticked up, the monthly rate declined to 8.8 per cent and has fallen from over 25 per cent in December, when Milei was inaugurated as president.
Milei, a free-market economist and former political pundit, was voted in on a programme of deep cuts to state spending, packaged as a means to suck demand out of the Argentine economy and curb inflation.
On the campaign trail, he said that he would abolish the country’s central bank, something that he has yet to do. In fact,
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