A vendor waits for customers at the central market for fruit and vegetables in Buenos Aires, Argentina, Friday, May 10, 2024. – Argentina’s monthly inflation rate eased sharply to a single-digit rate in April for the first time in half a year, data released Tuesday showed, a closely watched indicator that bolsters President Javier Milei’s severe austerity program aimed at fixing the country’s troubled economy.
Even so, some experts warn that falling inflation isn’t necessarily an economic victory — rather the symptom of a painful recession. The IMF expects Argentina’s gross domestic product to shrink by 2.8% this year. At an open-air market in the Liniers neighborhood, Lidia Pacheco is drawn to a garbage dump near the vegetable section. The 45-year-old mother of four rummages through the pungent pile to salvage the tomatoes with the least mold.
But Argentine wages have remained stagnant or declined, with the monthly minimum wage for regulated workers just $264 as of this month, with workers in the informal economy often paid less. Today that sum can buy a few nice meals at Don Julio, a famous Buenos Aires steakhouse.
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Source: Reuters - 🏆 2. / 97 Read more »