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Argentina's Milei Aligns with U.S., Battles Third-Highest Global Inflation at 129%

May 13, 2024, 12:56 AM

Argentine President Javier Milei has emphasized his commitment to align closely with the United States and oppose negotiations with communists, reflecting a swift and dramatic shift in policy. Amidst this political stance, Argentina faces severe economic challenges, currently holding the third highest inflation rate globally at 129% per year, with an annual inflation rate reported at 288%. The success of Milei's administration is deemed dependent on its ability to reduce inflation and stimulate economic growth, while addressing issues such as the overvalued peso. Critics argue that without measures such as official dollarization, inflation may continue to soar, further complicating the economic landscape. Notably, Zimbabwe tops the global inflation chart with a rate of 2,148% per year.