Argentina's inflation edges up in June, breaking a months-long streak in a blow to President Milei
Argentina's inflation edges up in June, breaking a months-long streak in a blow to President Milei
I know you all are in need of "good news", but this isn't a blow (yet).
It always annoys me when I see something that boils down to 'nth order derivative flips sign' where it's unclear what order derivative the article is even talking about.
To be clear this is a change in the direction of the trend of the month over month inflation index. So we're talking about some third order derivative changing sign. Which frankly is about to be expected, at that point any signal is going to be noisy.
The more down to earth statement is that the month over month inflation was very high and has now stabilized somewhat at around 4.5%ish which is still high (works out to about 70% yearly). It needs to be about a tenth of that.
Note that the decrease in the month over month inflation is not a sign of things improving. It is a sign of things getting worse at a slightly lower rate than earlier. That's what annoys me about using such high order derivatives, it obscures the real problem.
Roughly speaking this article is discussing how far someone has pressed the gas pedal while heading towards a cliff, while the real problem is that they're pressing the gas pedal (or more urgently they're heading towards a cliff). Of course that last fact hasn't changed so they manufacture a news story out of it by finding a derivative that did.
This is the best summary I could come up with:
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 that experts had attributed to a deepening recession brought about by Milei’s harsh austerity.
President Milei has touted the falling prices over recent months as a victory in his fight against Argentina’s worst economic crisis in over two decades.
In stark contrast to Milei’s program, those past Peronist administrations fixed prices and printed billions of dollars’ worth of pesos to fund a large deficit — fueling chronically high inflation.
The government has also capped electricity consumption to qualify for subsidies, squeezing families as a cold front sweeps Argentina during the Southern Hemisphere’s winter.
In another warning sign, the peso fell Friday to another record low against the dollar, hitting 1,500 on the black market and capping another week of volatility after holding steady in the first few months of the year.
“The staff will engage in discussions on a possible new arrangement as we would with any IMF member,” the fund’s spokesperson, Julie Kozack, told reporters when asked about the state of negotiations.
The original article contains 596 words, the summary contains 187 words. Saved 69%. I'm a bot and I'm open source!
I wouldn't wanted to have inherited Argentina's economy. It's a seems more of a clusterfuck the more I hear about how it has been running for years.
Yes but Milei aka Argentine’s Trump deserves every bad news.
I don't see wishing suffering on Argentinians as anything but repugnant.
So let me hear it. What would you do to so wonderfully fix the economy that an expert is getting all wrong?
Or is this just typical Lemmy choosing your side and ignoring anything that is contradictory to it? Why wouldn't you want an expect to run the economy is such trying times?