In January, prices rose by 20.6 percent, according to the national statistics agency Indec in Buenos Aires. The South American country is suffering from a severe economic crisis.
New ultra-liberal President Javier Milei wants to get Argentina back on track with a radical austerity program. The government sharply devalued the local currency, the peso, and announced cuts to subsidies on gas, water, electricity and public transport. The year 2024 began in Argentina with the highest inflation rate since the hyperinflation of 1991.