Argentina: Javier Milei celebrates first week without food inflation in 30 years

It has been a historic week for Argentina. A country known for its high inflation has just experienced its first week without price increases in food and beverages in three decades, according to private consulting firm Econométrica.

In other words: for each of the past 30 years, food and beverage prices have done nothing but increase, until the third week of June 2024, where they remained the same as the previous one.

The director of the consulting firm, Ramiro Castiñeira, shared graphs on social media displaying the downward trend of food inflation during the last months, until finally reaching 0%:

The analysis of 8,000 online supermarket prices also showed that the monthly rise will be 3%. Overall inflation, including items beyond food, will be higher in June than May due to the rise in tariffs, according to a study reported by Infobae.

President Javier Milei echoed the news on social media. The libertarian leader took on the fight against inflation as soon as he was inaugurated in December. Milei inherited an annual inflation of 142%, accompanied by falling economic activity and record debt.

Milei's impact abroad

The good last week crowns a good month for the libertarian. In addition to his first legislative victories since he took the reins of the country more than four months ago, he received a warm welcome in a series of international meetings. He was awarded in Spain, had a cordial meeting with Kristalina Gueorguieva, manager of the International Monetary Fund. He was invited by his peer Giorgia Meloni to the G7 meeting in Italy and met with his compatriot Pope Francis.

Milei has been making headlines around the globe. These latest favorable economic figures are the latest evidence of the "Milei Miracle," as it was dubbed by U.S. analyst Mike Gonzalez. They were also recognized by personalities such as Chilean commentator Axel Kaiser and Canadian psychologist and author Jordan Peterson: