The annual inflation compared with about 95% in 2022. The country’s monthly inflation stood at 25.5% in December, up from 12.8% in November, but slightly below the 30% the government had forecast.
Milei had said in an interview with a Buenos Aires radio station before the figures were released that if the monthly inflation rate came in below the forecast, that would be an accomplishment.
“If the number is closer to 25%, it means that the success was tremendous,” Milei said.
In his inauguration speech, Milei announced a painful adjustment plan aimed at staving off hyperinflation and warned that the measures would initially have a “negative impact on the level of activity, employment, real wages, and the number of poor and indigent people.” It is estimated that around 40% of the population live in poverty.
To fight hyperinflation, hyperinflation is necessary. As the inflation is higher than ever before, it is a tremendous success.
Undergrad education used to be free, but Milei announced that they’re going to start charging tuition so no backdated jubilee. As for mortgage, almost every single country outside of the USA use variable interest rates or shorter term fixed rates.
Amazingly, Argentina dodged every single individual benefit of higher inflation. They might even be doing a better job of destroying a nation than the IMF.