Poverty in Argentina surged to over 52% in the first six months of Javier Milei’s presidency, according to INDEC. By mid-2024, 52.9% of Argentines, or 15.7 million people, were living in poverty, up from 41.7% in late 2023. Milei’s drastic austerity measures aimed at eliminating the budget deficit and controlling inflation included slashing subsidies and public sector jobs. While monthly inflation dropped to 4.0% in July, annual inflation remained high at 263.4%. Milei’s devaluation of the peso by over 50% in December severely impacted purchasing power.