On paper, the numbers look astonishing. The annual rate of inflation in Argentina has plummeted from 211% in 2023 to 31.5% by the end of 2025.
President Javier Milei is taking plenty of credit for the drop. And he spent some time on Wall Street last month, pitching his “chainsaw” approach to public spending as a triumph against inflation.
But as a political economist who has tracked the cyclical history of economic crisis in Argentina, I see a much grimmer story unfolding.
