Argentina Prints Zero Inflation Record For The First Time In 30 Years
JAKARTA - Argentina recorded a remarkable economic achievement by achieving zero inflation for food and drinks during the third week of June. President Javier Milei celebrated this achievement by stating that his government is rewriting economic theory and potentially receiving the Nobel Prize if successful.
According to data from Economica, a private consulting firm, Argentina achieved this important economic achievement by recording zero inflation for food and beverages during the third week of June. The study took the price of more than 8,000 articles in several online stores and found that prices did not change compared to the previous week.
This achievement shows that President Javier Milei has slowly succeeded in reducing inflation rates, which have been reduced since he took office and began implementing strict economic and fiscal policies. Economics estimates that the monthly inflation rate for this category could reach 2.4% in June.
However, this is just a small victory for the Milei government. Argentina is still one of the countries with the highest inflation in the world, recording an annual price increase of 276.4%.
Eliminating inflation is one of the most relevant promises in Milei's presidential campaign, which promotes the US dollar as a tool to achieve that goal. Although the country's economic conditions make the US dollar difficult to adopt widely, inflation has responded positively to Milei's budget cuts.
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During his visit to the Czech Republic as part of the European tour, Milei celebrated this achievement for the first time in 30 years. Quoted from Bitcoin.com News, Milei stated, "Together with my top adviser, Demian Reidel, we are rewriting many economic theories. If this works, it is likely that Demian and I will receive the Nobel Prize of the Economy."
Milei also stressed that in the future, many currencies will be used and compete in Argentina, including bitcoin and other fiat currencies. With this achievement, Argentina shows that with the right policies, even countries with high inflation rates can achieve price stability.