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Prices soar in Argentina after Milei’s currency devaluation (english.elpais.com)

submitted 10 months ago by [email protected] to c/[email protected]

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[–] [email protected] 5 points 10 months ago* (last edited 10 months ago)

Yearly inflation for December 2023 has been 160% (stuff that used to cost 100, now costs 260)

A 50% devaluation, is the same as a 100% inflation: stuff that used to cost 100, now costs 200.

Milei has promised a reduction in inflation for the next year, from the 160% to just 60% (stuff that used to cost 100, plus through the 50% devaluation now costs 200, will end up costing just another 60% more, or ~~320~~ "160").

Meaning: instead of having to anounce a 220% inflation for 2024, he's split it into "50% devaluation, plus 60% inflation".

...see? He promised to reduce inflation, and he did! 🎉🤡 /s