Argentina's inflation edges up in June, breaking a months-long streak in a blow to President Milei
How does the black market rate compare to the official exchange rate?
The black market rate for the Argentine peso is significantly higher than the official exchange rate. As of the latest data, the black market rate is at 1,500 pesos per dollar, while the official rate is at 919 pesos per dollar, resulting in a gap of over 60%. This disparity complicates President Milei's goal of lifting currency controls and restoring investor confidence.
What was Argentina's inflation rate in June?
Argentina's consumer price index rose 4.6% in June, slightly up from the rate of 4.2% in May, ending a five-month trend of cooling inflation. This increase has been attributed to a deepening recession brought about by President Milei's harsh austerity measures.
How long did Argentina's cooling inflation trend last?
Argentina's cooling inflation trend lasted for five months before prices edged up in June, breaking the streak. This trend had been attributed to a deepening recession caused by President Javier Milei's strict austerity measures.