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The original was posted on /r/worldnews by /u/Affectionate_Cat293 on 2024-05-15 20:35:02+00:00.
Argentina reports its first single-digit inflation in 6 months as markets swoon and costs hit home
Submitted 2 years ago by bot@lemmit.online [bot] to worldnews@lemmit.online
https://apnews.com/article/argentina-inflation-milei-single-digits-3cf0adca2cdf911fb04a06c3e9c6880d
autotldr@lemmings.world [bot] 2 years ago
This is the best summary I could come up with:
“People are in pain,” said 23-year-old Augustin Perez, a supermarket worker in the suburbs of Buenos Aires who said his rent had soared by 90% since Milei deregulated the real estate market and his electricity bill had nearly tripled since the government slashed subsidies.
“You’ve had a massive collapse in private spending, which explains why consumption has dropped dramatically and why inflation is also falling,” said Monica de Bolle, a senior fellow at the Peterson Institute for International Economics who studies emerging markets.
Sky-high prices have forced her to stick to worn-out clothes and shoes and change her diet to the point of giving up yerba mate, Argentina’s ubiquitous national drink brewed from bitter leaves.
He campaigned brandishing a chainsaw to symbolize all the cutting he would do to Argentina’s bloated state, a dramatic change from successive left-leaning Peronist governments that ran vast budget deficits financed by printing money.
Even as discontent appears to rise, the president’s approval ratings have remained high, around 50%, according to a survey this month by Argentine consulting firm Circuitos — possibly a result of Milei’s success blaming his predecessors for the crisis.
Argentina’s powerful trade unions and leftist political parties have pushed back against Milei with weekly street protests, but haven’t managed to galvanize a broad swath of society.
The original article contains 981 words, the summary contains 215 words. Saved 78%. I’m a bot and I’m open source!