Argentina's inflation cools, but woes linger on in daily lives

Argentina's chronic inflation is beginning to drop off, dipping to a five-year low early this year from triple-digit levels in the years during and after the COVID-19 pandemic. The government is celebrating the change, but it is yet to translate into real relief for people on the ground.

Argentina's yearly inflation fell to 84.5 percent in January in the wake of drastic and controversial austerity measures aimed at stabilizing the economy. Annual inflation peaked at close to 300 percent in April 2024 and the January number represented a significant drop from 118 percent in December.

The January number represented a five-year low, according to the National Institute of Statistics and Censuses of Argentina. Inflation had soared to 211.4 percent in 2023.