In mid-2024, Argentine President Javier Milei vowed that inflation would be drastically reduced within a year, but recent data shows that he may be facing a much tougher battle than anticipated. January recorded a monthly inflation increase of 2.9%, the highest in seven months, indicating that rather than dropping, inflation continues to rise. This situation has raised questions about Milei's ability to fulfill his primary pledges, which include addressing a staggering inherited annual inflation rate of 211%.

The recent inflation figures not only indicate a failure to meet expectations but also suggest that the government's budget forecast for inflation in 2026—set at 10.1% for the entire year—might be overly optimistic. Experts now believe that inflation could soar to double that figure, reaching approximately 22%. This development represents a significant setback for an administration that has already framed its success around controlling inflation. Such public proclamations have raised skepticism among economic analysts and citizens alike regarding the viability of the president's economic policies.

Milei had previously moderated his expectations, indicating that he hoped to see a 'zero upfront' in monthly inflation figures by August. However, as January's data reveals a continuing upward trend, many are left wondering if he can genuinely achieve these targets in the coming months. Major media outlets in Argentina, such as Clarín, express cautious optimism about his goals, but enduring economic challenges suggest that his presidency continues to face an uphill battle in stabilizing prices and restoring public confidence.