MercoPress. South Atlantic News Agency

Presidential Spokesman warns Argentina going through hyperinflation

President Milei's administration wants to put an end to privileges, Adorni also said

Argentina's Presidential Spokesman Manuel Adorni Friday confirmed his country was going through hyperinflation since the 1% daily rate mentioned earlier this week by Economy Minister Luis Toto Caputo would result in a 3,678% per annum.

“Talking about 15,000% inflation is frightening for everyone and that is what we are working on. It is good to understand that today inflation is running at around 3,678% per year; this 1% of daily inflation leaves us immersed in a hyperinflation that we are trying to avoid and we are making an effort so that the catastrophe does not end up happening,” Adorni told reporters during his daily press briefing.

Adorni also announced further cuts in public spending because Javier Milei's government will make “every effort so that the catastrophe does not end up happening.”

While celebrating a significant reduction in the exchange rate gap between the official and the “blue” (an euphemism for black market) quotation of the US dollar, he also pointed out that the current administration was focused on injustices: “Another major objective is to put an end to privileges,” he stressed.

Adorni also announced a 50% reduction in the number of drivers and cars within the government, in addition to the sale of two airplanes belonging to the state-run oil company YPF which were “used almost exclusively by privileged” politicians.

“One of the great objectives we have as a Government is to put an end to privileges. The adjustment we intend to make on political expenses, only in operating expenses, is around US$ 3 billion per year”, highlighted Adorni, who also mentioned the country was paying exorbitant insurance fees for paintings in the Quinta de Olivos presidential residency, which he found “absolutely irrational.”