Argentina’s inflation rate was around 200% in 2023, according to Reuters. Food prices in particular rose much faster than anticipated, making it hard for everyday citizens to afford basic staples like meat and vegetables. 

For many Argentines, this will not be their first battle with hyperinflation. In the '90s, Argentina experienced inflation that reached more than 2,000% annually, according to the International Monetary Fund. 

Last November, Argentine citizens elected political outsider Javier Milei as the country’s new president in a run-off election. Milei, who has a background as an economics professor, ran his campaign on bringing inflation down. His message resonated especially well with young adults who grew up during the hyperinflationary period in the '90s. 

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Part of Milei’s efforts to curb inflation has been to cut back on government spending and subsidies. Some experts believe this could have the opposite effect and lead to higher prices for consumers in the short term. But, Milei plans to cut many government programs and hopes that without high government spending, inflation will cool in the long run. 

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