US EditionFalling inflation drives down poverty in Argentina: statistics agency
- Argentina's poverty rate, as reported by the Indec statistics agency, fell to 38.1% between June and December of 2024, a significant change from the 41.7% delivered for the second half of 2023 by Milei's left-wing populist predecessors.
- The sharp poverty decrease in the second half of 2024, the first six months of libertarian Javier Milei's presidency, follows a leap in poverty during his first months in office, attributed to his draconian austerity policies.
- Milei's deep spending cuts included making thousands of public servants redundant, freezing public works, and cutting transport and energy subsidies, resulting in Argentina's first budget surplus in 14 years, while annual inflation fell from 211 percent in 2023 to 118 percent last year.
- Milei's office stated that the improvement was a direct effect of the fight against inflation, macroeconomic stability, and the elimination of restrictions that had limited Argentines' economic potential for years.
- Despite the official figures, economists and residents express concern that the statistics fail to capture the reality of ordinary people struggling with austerity, the outdated consumer price index, and rising costs for essential services, with one economist stating, "There is a big gap between what the statistics say and what you feel on the streets.
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According to government data published on Monday, about 38.1% of Argentines fell below the poverty line in the second half of 2024.
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It all happened in a single year. First, a 54% devaluation of the Argentine peso within 48 hours of Javier Milei's assumption of the presidency. Then, a liberalization of various markets, which, with devaluation pressure, drove inflation to 25.5% monthly in December 2023. This combination boosted poverty to 52.9% in the first half of 2024, after the 41.7% poverty rate that Milei had inherited from the previous president, Alberto Fernández.
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