A Reuters survey of economists indicates that rising beef prices accelerated Argentina's monthly inflation growth in November, though the country's annual inflation rate may have dropped to a seven-year low.
The modest monthly rebound in consumer prices from October to November is attributed to fiscal austerity measures implemented by Argentine President Javier Milei, who seeks to reinforce them through structural reforms.
According to median estimates from a December 3–9 poll of 22 economists, Argentina's November Consumer Price Index (CPI) edged up slightly to 2.4% from October's 2.3%. The National Institute of Statistics and Census (INDEC) will release official data on December 11.
The annual inflation rate for November is projected to slow to 30.9% from October's 31.3%, marking the 19th consecutive monthly decline since hitting a record high of 289.4% in April 2024.
Analysts at C&T Economic Consultancy noted in a report, "Beef prices began accelerating in October, with further increases in November."
Despite declining consumption in recent years, beef remains central to Argentina's diet—from household meals to restaurants, where cuts like filet mignon, Milanese cutlets, and traditional asado (barbecue) are ubiquitous.
C&T added that last month's overall CPI increase was partly offset by special online discounts on consumer goods.
The projected annual inflation rate of 30.9% for November—the lowest since June 2018's 29.5%—reflects the impact of tight fiscal policies.
Easing cost-of-living pressures amid political tensions and market volatility contributed to strong voter support for Milei's ruling party in October's legislative elections.
In the coming weeks, Milei's administration will prioritize overhauling Argentina's labor laws to reduce employment costs by streamlining hiring and dismissal procedures.
These proposed reforms align with IMF demands aimed at boosting Argentina's economic productivity to facilitate repayment of its substantial debt to the fund.
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