Argentina, historically grappling with high inflation, has experienced a significant milestone. For the first time in 30 years, there were no price increases in food and beverages during the third week of June 2024, as reported by the private consulting firm Econométrica.
This notable event breaks a three-decade trend of continuous price hikes in these categories. Ramiro Castiñeira, director of Econométrica, shared graphs on social media showing the declining trend of food inflation over recent months, culminating in a 0% increase.
An analysis of 8,000 online supermarket prices initially projected a 3% monthly increase 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, who has been prioritizing the battle against inflation since taking office in December, also shared the news on social media. He inherited an economy with an annual inflation rate of 142%, declining economic activity, and record debt levels.
This recent development marks a significant achievement in Milei's ongoing efforts to stabilize Argentina's economy.
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