In 1.5 years, Milei cut Argentina's inflation from 25 percent to 1.6 percent, the lowest monthly rate since April 2020. Despite this achievement, citizens like Cesar Martinez struggle with affordability, needing multiple jobs to survive due to stagnant wages and rising prices of essentials. Argentina's history of inflation since the 1940s has entrenched a belief among the populace that inflation is the root cause of their problems. Stability is a key concern, leading to Milei's support when he promised to tackle inflation as part of his economic program.
Milei managed to fulfill one of his campaign promises: radically cut inflation, which had reached a record monthly rate of 25 percent in December 2023. Now at 1.6 percent, the monthly rate is among the lowest since April 2020.
High inflation put a great strain on Argentina's population, with prices of basic goods such as food, services and rent escalating month on month while salaries stayed stagnant.
Inflation is a global phenomenon, but in Argentina, it has been such a constant that people tend to think that all their problems are related to inflation.
Stability is very important for people here, which is one of the reasons why the promise to tackle inflation helped Milei garner significant support on his way to the presidency.
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