Argentina's annual inflation rate fell to 117.8 percent in 2024, marking a significant drop of 93.6 points compared to the record 211.4 percent inflation

Javier Milei's first year in office shows a major victory against inflation in Argentina, but at the expense of a deep recession.

Argentine President Javier Milei recently completed a year in office. Milei’s tenure has been a mixed bag so far. Milei, who supports minimal or no government interference in economic matters, began his tenure when Argentina was going through its worst economic crisis in at least two decades.

Argentina's monthly inflation ticked up a tad in December, data showed on Tuesday, though the annual rate slowed further as libertarian President Javier Milei pushed tough spending cuts and austerity measures.