Argentina’s President Javier Milei has made tackling rampant inflation – which data out this week showed is now running at over 250% – a key priority, but the historical record in Latin America suggests that when inflation is at such high rates it can take on a life of its own. Things may get worse before they get better. Elsewhere, the downgrade of Pemex’s debt by Moody’s late last week has reaffirmed our view that the struggling SOE will ultimately need to restructure its debts.
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