Wages in Argentina have not been able to keep pace with annual inflation of nearly 300 per cent
Argentines say they are yet to feel the benefits of cooling inflation, as a five-month streak of slowing prices ended when official data on Friday showed inflation in June was higher than in May.
For many Argentines, the slowdown has not been enough to fend off the pain of high utility, transport and food prices in a country where the monthly minimum wage of 234,315 pesos has failed to keep up with annual inflation of nearly 300 per cent. Milei, a free-market economist, ended the previous Peronist government’s price freeze on numerous public services and says that tough fiscal medicine is necessary to revive the economy. The minimum bus fare in Buenos Aires has soared by over 400 per cent since Milei took office.
Argentina’s government has touted its success taming inflation and the boost to the state’s finances by Milei’s spending cuts.
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