Argentina records first week without food inflation in 30 years, 6 months after new President's inauguration

Argentina, a country historically plagued by high inflation, has just experienced a landmark week. For the first time in three decades, there were no price increases in food and beverages, according to the private consulting firm Econométrica.

This remarkable event occurred in the third week of June 2024, marking a break from a 30-year trend of continuous price hikes in these categories.

Ramiro Castiñeira, the director of Econométrica, shared graphs on social media illustrating the declining trend of food inflation over recent months, culminating in a 0% increase:

An analysis of 8,000 online supermarket prices revealed a projected monthly increase of 3% for food prices. However, overall inflation, which includes non-food items, is expected to be higher in June compared to May, primarily due to rising tariffs, according to a study reported by Infobae.

President Javier Milei also shared the news on social media. Since taking office in December, the libertarian leader has prioritized the battle against inflation. He inherited an economy with an annual inflation rate of 142%, declining economic activity, and record debt levels.

This recent development is a significant achievement in Milei's ongoing efforts to stabilize Argentina's economy.