The government of Argentina has implemented a policy to keep the dollar exchange rate in line with its value in the black market, which most Argentinians turn to due to the currency restrictions in place since 2019. In this regard, far-right president Javier Milei has expressed that the defeat of "woke" ideology is excellent news for the United States, Europe, and Argentina.
Milei plans to travel to the United States to meet with the elected president and participate in the Conservative Political Action Conference in Florida. Meanwhile, in Argentina, inflation continues to slow down, recording 2.7% in October, the lowest figure in the last three years. This figure, released by INDEC, is below the 3% monthly target, one of the goals set by Milei for the end of the year.
The highest increases have been recorded in the Housing, water, electricity, gas, and other fuels division, with 5.4%, due to increases in rent, utility rates, and fuels. Milei, a far-right economist and Argentine president, has managed to reduce inflation by implementing a severe adjustment plan, which has shifted the population's priorities, placing inflation in the background.
Milei is enthusiastic about the reduction in inflation and announces that he will reduce the controlled devaluation rate in the official currency market to 1%. Likewise, the Argentine president expresses his confidence in closing a free trade agreement with the United States following Donald Trump's victory in the presidential elections, highlighting the ideological alignment between the two countries.
Argentina has signed free trade agreements with Latin American nations and outside the region through Mercosur. Milei, in alignment with his American counterpart, promotes greater trade agreements and diplomatically aligns Argentina with the United States and Israel. If the downward trend in inflation continues, the Argentine president plans to decrease the monthly devaluation of the official exchange rate in the coming months.
The inflation rate in October represents the lowest figure since November 2021, with a year-on-year increase of 193%, accumulating a rise of 107% in the year. In comparison to September, the inflation rate has decreased, and there is a lower impact in the areas of Transportation and Non-alcoholic food and beverages in price increases.
