Argentina's Inflation Falls Below 200% as Milei's Measures Take Effect

President Javier Milei's austerity policies have led to a significant drop in inflation, but economic hardships persist for many Argentines.

Argentina's annual inflation rate decreased to 193% in October, marking the first time it has fallen below 200% in nearly a year.
Monthly inflation dropped to 2.7%, the lowest rate since November 2021, as reported by the national statistics agency INDEC.
President Javier Milei's government has implemented severe austerity measures, including cutting public service subsidies and increasing public sector layoffs.
Despite the inflation drop, the economic situation remains challenging, with over half the population living in poverty and a significant decline in consumer purchasing power.
Beef consumption in Argentina has plummeted to its lowest level in 13 years, reflecting the economic strain on consumers who are buying less amid rising costs.