Argentina is experiencing an economic revival thanks to the libertarian policies of President Javier Milei. According to numbers from the National Institute of Statistics and Census (INDEC), the monthly inflation index corresponding to May fell to 1.5%, lower than expected.

This figure is seen as a milestone for the Milei Administration, which managed to contain it without price controls or having a band flotation system for the U.S. dollar. Per INDEC’s statistics, this is the lowest index achieved since May 2020, when the country was hit by the COVID-19 pandemic and demand for goods and services was limited.

Milei’s economic team celebrated this development, referencing the policies that made this possible. Milei’s spokesperson, Manuel Adorni, stressed that this could be possible following the basics of what must be done in high-inflationary episodes.

He stated:

When there’s a fiscal surplus and the printing press slows down, inflation plummets. It’s natural for this to happen. The fundamental laws of economics dictate this.

Economy Minister Luis Andres “Toto” Caputo also highlighted other achievements of Milei’s administration. “May Retail Inflation: 1.5%, Basic Food Basket: -0.4%, Total Basic Basket: 0.1%. Without restrictions, correcting relative prices, and with the economy growing at 6% annually. We have the best president in the world,” he declared on social media.

In April, during an economic conference, Milei had predicted that the inflation would be reduced to near-zero levels in 2025, declaring that the time for growth had come to Argentina. “But you might say, ‘Inflation is still high.’ Yes, it’s still high. Inflation has a death date, and it’s midway through next year. So now is the time to start thinking about growth,” he claimed at the time.

Nonetheless, albeit at a lower speed, prices keep rising, and stopping this rise completely will be the next challenge for Milei.

Read more: Dollar Reined in After First Currency Control Free Week in Argentina

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