Argentina's inflation rate increased in June, breaking a five-month streak of decline and rising to 4.6%. President Javier Milei's austerity measures failed to curb the inflation, with the country facing a predicted 2.8% contraction. Milei's economic overhaul, which includes cutting energy subsidies and devaluing the peso, has led to surging utility prices and a surge in the cost of living. Despite boasting falling prices as a victory against the economic crisis, ordinary Argentines struggle to afford basic necessities. The peso hit a record low against the dollar, complicating Milei's plans to lift currency controls. The IMF, to which Argentina owes $44 billion, has not committed to a new loan, casting uncertainty over the country's economic future. Argentina remains in a dire economic situation, with inflation soaring and citizens feeling the impact of Milei's harsh policies.