Boom for the rich, bust for the rest

A man sleeping on the floor of a subway station in Buenos Aires. Inflation has cooled and luxury sales are soaring, but nine out of 10 Argentinian households are in debt. — AFP

IN Javier Milei’s Argentina, falling inflation has stimulated a boom in car and real estate sales and foreign-bound planes take off laden with tourists.

But on the other side of a very complicated economic coin, consumption is dropping precipitously among low- and middle-income groups while more and more people work in precarious jobs and buy groceries on credit.