Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
An Iranian missile hit an Israeli governmental compound in Haifa.
Talks begin in Geneva between Iranian Foreign Minister Abbas Araghchi and the E3.
Al Mayadeen correspondent: The E3 will present Araghchi with a four-point European plan that includes a complete end to uranium enrichment in Iran.
Iranian Foreign Minister Abbas Araghchi arrives at the venue of the negotiations that will soon begin with the E3.
Araghchi: The Israeli attacks on nuclear facilities in Iran are serious war crimes.
Araghchi: We are determined to defend our territorial integrity and sovereignty with full force.
Araghchi: We were supposed to meet with the Americans on June 15 to draft a highly promising agreement regarding our nuclear program.
Araghchi: The unjustified Israeli attack on Iran is a violation of International Humanitarian Law Article 33.
Araghchi: Iran is facing aggression that cannot be justified in any way, and justifying this aggression is an act of complicity.
Araghchi: "Israel" bombed nuclear facilities that are under the supervision of the International Atomic Energy Agency (IAEA).

Buenos Aires metro fare soars 360% amid Milei's austerity measures

  • By Al Mayadeen English
  • Source: News websites
  • 18 May 2024 08:58
  • 1 Shares
3 Min Read

Libertarian President Javier Milei has significantly reduced public spending as he grapples with the challenge of curbing hyperinflation, which currently stands at 289% annually.

  • x
  • Passengers wait to enter a subway car in Buenos Aires on March 31, 2016. (AFP)
    Passengers wait to enter a subway car in Buenos Aires on March 31, 2016. (AFP)

Buenos Aires commuters are facing a staggering 360% rise in subway fares, marking one of the most significant price hikes in Argentina's stringent budget austerity efforts under libertarian President Javier Milei.

Following weeks of legal proceedings, a judge on Thursday revoked an injunction that had temporarily halted the planned fare increase. This decision paved the way for the fare adjustment to come into force on Friday morning.

Public transportation fares are a contentious topic throughout Latin America. Metro fare increases have previously incited social unrest, as seen in Chile's mass protests in 2019.

Milei's austerity experiment hits commuters hard

Overnight, the fare for a single ride in Buenos Aires surged more than threefold, from 125 pesos (14 cents) to 574 pesos (64 cents), exacerbating Argentina's severe cost-of-living crisis.

Related News

At least 53 injured in Argentina clashes between police, protesters

Bolivia rejects Argentina's accusations of faking coup

President Milei is implementing drastic cuts in public spending across various sectors, including subsidies and state-owned enterprises, as part of a radical free-market experiment. The goal is to restore the country's credibility with foreign investors and combat hyperinflation.

However, in the short term, these deregulation and austerity measures have led to increased inflation, currently standing at 289% annually, one of the highest rates globally. This has significantly impacted the lives of ordinary Argentinians and contributed to the country's economic downturn.

Read more: Argentina's Milei orders deregulation of economy, thousands in protest

Inflation in Argentina surpassed 200% in 2023

A majority of Argentinian households can no longer afford the traditional Argentinian barbecue due to extreme inflation that has topped 200% in 2023, Reuters reported in January.

Decades of debt and financial mismanagement have led to a catastrophic economic effect on Argentinians, with an estimated 40% living in poverty.

According to official figures, the inflation rate reached 25.5% month on month in December. It is projected to rise quicker in the coming months after President Javier Milei's administration depreciated the peso by more than 50% last month as part of his so-called "shock therapy" policies to rescue the struggling economy.

Last December, Milei revealed a series of measures to deregulate the country's struggling economy, eliminating or changing more than 300 regulations via the presidential decree, including on rent and labor practices. 

Milei, a self-described anarcho-capitalist who has been in office for months, pledged to curb inflation but warned that economic "shock" treatment is the only solution for the economy. Some of the suggested changes include the elimination of a law regulating rent and preventing the privatization of state enterprises. 

  • Buenos Aires
  • Javier Milei
  • inflation
  • Argentina

Most Read

Iranian missiles impact Israeli sites in Tel Aviv in 2nd wave

Iran's missiles impact 'strategic' Israeli site in Tel Aviv

  • Politics
  • 14 Jun 2025
Bin Salman: Islamic world backs Iran in call to Pezeshkian

MBS says Islamic world backs Iran in call with Pezeshkian

  • MENA
  • 15 Jun 2025
Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

  • MENA
  • 17 Jun 2025
Smoke rises after an Iranian ballistic missile directly struck Tel Aviv, Occupied Palestine, June 13, 2025 (AP)

Op. True Promise 3: Iran's ballistic missiles strike Tel Aviv

  • MENA
  • 13 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Netanyahu stuns by postponing son’s wedding over Iran war
Politics

Netanyahu sparks outrage citing son’s wedding delay as Iran war cost

French court postpones verdict to July 17 on Georges Abdallah
Europe

French court postpones verdict on Georges Abdallah to July 17

Perseverance to shorten war: Iran's Larijani
Politics

Larijani says Iran to hold IAEA chief accountable after war ends

Damage to the Weizmann Institute of Science from an Iranian missile strike in Rehovot, Thursday, June 19, 2025. (AP Photo/Maya Alleruzzo)
Politics

'Catastrophic loss': Iranian blow to Weizmann’s war-linked facilities

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS