Argentina marks first week without food inflation in 30 years

Argentina, a nation long plagued by rampant inflation, has achieved a historic milestone. For the first time in thirty years, there was no increase in prices for food and beverages, as reported by the private consulting firm Econométrica.

This noteworthy occurrence took place during the third week of June 2024, breaking a three-decade trend of continuous price hikes in these essential categories.

Ramiro Castiñeira, director of Econométrica, highlighted this achievement through social media, sharing graphs depicting the declining trend of food inflation in recent months, culminating in a 0% increase.

An analysis of 8,000 online supermarket prices indicated a projected monthly rise of 3% in food prices. However, overall inflation, encompassing non-food items, is anticipated to be higher in June compared to May, primarily due to escalating tariffs, according to a study reported by Infobae.

President Javier Milei also took to social media to share the news. Since assuming office in December, the libertarian leader has made combating inflation a top priority. He inherited an economy grappling with an annual inflation rate of 142%, diminishing economic activity, and unprecedented levels of debt.

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