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Argentina's inflation rate year over year October 2024 to Oct 2025
Graphic Truth: Inflation plunges in Argentina
Argentina’s president Javier Milei inherited inflation that was over 200%, but after 18 consecutive months of it falling, it now stands at just 31%. While that is still one of the world’s highest, it is an impressive improvement. It comes as the US has sought to prop up Argentina’s economy, recently giving nearly $1 billion of its International Monetary Fund reserves to help Argentina make a critical debt payment to the IMF. The transaction follows the US recently providing Argentina with a $20 billion currency swap to stabilize the peso.
South Sudan President Salva Kiir prepares to welcome Uganda's President Yoweri Museveni at the Juba International Airport, ahead of meetings aimed at averting a new civil war after South Sudan's First Vice President Riek Machar was placed under house arrest, in Juba, South Sudan April 3, 2025.
What We’re Watching: More political chaos in South Sudan, Tehran runs dry
South Sudan’s president fires another VP
President Salva Kiir continued to take a wrecking ball to his country’s leadership structure this week, firing Benjamin Bol Mel, who was one of his vice presidents. He also sacked the central bank governor and the head of the revenue authority without giving reasons for the removals. The move comes after President Kiir in March put then-Vice President Rick Machar under house arrest, before charging him with murder in September – Kiir and Machar had entered a power-sharing agreement to end the civil war. Experts are concerned that Kiir’s moves will pull the sub-Saharan state back into civil war, only five years after it ended.
Iran’s water crisis threatens to empty Tehran
Iran may have to evacuate its capital Tehran – home to 10 million people – if it doesn’t rain by December, according to its President Masoud Pezeshkian. The water crisis is due to decades of mismanagement and inefficient agriculture practices, compounded by a lack of access to new technology because of international sanctions. It comes as Iranians are also enduring frequent electricity and gas shortages, heightening the risk that civil unrest could destabilize the regime.
Argentina's President Javier Milei gestures after the La Libertad Avanza party won the midterm election, which is seen as crucial for Milei's administration after US President Donald Trump warned that future support for Argentina would depend on Milei's party performing well in the vote, in Buenos Aires, Argentina, on October 26, 2025.
What We’re Watching: Milei sticks to his guns, Putin gets ready to test, Central Asia comes to Washington
Argentina’s Milei says no float just yet
Argentine President Javier Milei says he still won’t float the peso freely, signaling he’ll continue to spend his country’s central bank reserves to artificially manage the exchange rate until the 2027 presidential election. Why is that a big deal? Just last month, ahead of the midterm elections, Milei got $2 billion from the United States – as well as a $20 billion credit line – to shore up dwindling reserves. Keeping the currency strong is part of his broader effort to bring down inflation, which includes taking a chainsaw to government spending. But investors expected that after the midterms – which he won handily – he’d move in a more market- friendly direction, letting the peso float. So much for that. If the policy puts reserves in danger again, will the self-styled “anarcho-capitalist” president get another bailout from Tío Sam?
Putin signals he’s ready to match any new US nuclear tests
Just days after US President Donald Trump announced that the Pentagon would resume nuclear testing – without going into some key details – Russian President Vladimir Putin signaled he is ready to do the same, asking members of his security council yesterday for proposals. Neither country has tested a nuclear warhead in decades, although both still test and maintain delivery systems such as rockets and missiles. A return to actual warhead testing could provoke a dangerous new arms race at a time when arms control agreements are already withering fast. For more, see our recent report here.
The ‘stans come to stan Trump
The leaders of the five Central Asian republics – can you name them? – will meet with Trump at the White House today. Russia has long dominated the resource-rich former-Soviet region, but China has made significant commercial inroads in recent years. Trump is seeking greater US access to critical minerals and other resources there, while the Central Asians – wary of both Russian intentions and China’s heft – are keen to diversify their economic and security ties. (Btw, the five are: Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan. Did you get ‘em all?)
October 21, 2025: The owner of this cattle feedlot in Sergeant Bluff, Iowa, USA, used to fly a Trump/Vance flag. The Trump/Vance flag is no longer flying at the feedlot.
Farmers feel the impact of Trump’s trade policies
These days, US farmers aren’t just worried about the weather jeopardizing their harvests. They’re keeping a close eye on geopolitical storms as well.
The American agricultural industry exports roughly 20% of its production, making it heavily reliant on global trade. This year, China – the third biggest buyer of US agriculture – has drastically cut back orders in response to President Donald Trump’s tariffs. While China agreed to resume buying soybeans, a major import crop, after meeting with Trump at the ASEAN summit last week, it has not bought any US corn, wheat, sorghum, or soybeans so far this year. Accordingly, the USDA projects that American agricultural exports to China will fall 30% compared to last year, to $17 billion. That’s down more than 50% since 2022.
“There’s uncertainty in the markets,” Farm Bureau economist Dr. Faith Parum explains. “Farmers are making decisions now for next year, unsure of where the markets are for what they planted this year.”
Parum says she is “optimistic” about the trade deals Trump made with Southeast Asian countries at the ASEAN summit last week, as Malaysia, Cambodia, and Vietnam all opened up to more US exports. The region is now the fastest-growing export market for US agriculture, with over $12 billion in products shipped there last year.
But the US-China trade tensions come at a bad time for many farmers. Despite a record corn harvest this year, many US growers are losing more than $100 an acre, according to Parum, squeezed between falling crop prices, a result of losing their major buyer, and rising production costs. Parum says production costs, like fertilizer, transportation, and labor, have increased over the past few years. Fertilizer prices have not stabilized since Russia’s full scale invasion of Ukraine, and have risen since July because of China limiting exports. Meanwhile, immigration crackdowns have caused the price of farm labor to go up.
From 2020 to 2022, 61% of the hired farm workers were immigrants, and only 7% were US born – the rest were immigrants who had obtained US citizenship. As a result, according to Eurasia Group US policy expert Noah Daponte-Smith, “A lot of [workers] are losing their authorization to work or being deported outright. And that is creating labor market pressures in the food supply chain that are pushing prices up.”
“[Immigration] is one of these issues where administration policy counteracts other policies, namely: keeping food prices down,” Daponte-Smith added.
This tension can also be seen in the meat aisle. Beef prices are at record highs due to droughts which have shrunk herd sizes. Trump’s solution was to quadruple imports of Argentine beef. The deal gave Argentine President Javier Milei, an ideological ally of Trump’s, a lifeline ahead of midterm election but enraged US beef producers who were suddenly subjected to more foreign competition. The pushback was immediate, prompting Vice President JD Vance to hold a private meeting with lawmakers from leading agricultural states to hear out their grievances.
There’s a political component to this: America’s agriculture industry is disproportionately consolidated in Republican led-states like Iowa, Texas, and Nebraska, and farmers are an “ancestral” contingent of the GOP, says Daponte-Smith. Republicans have a 25-point advantage over the Democratic party in rural areas of the country, according to Pew Research Center.
“Trump’s between a rock and a hard place,” says Daponte-Smith. “The administration campaigned on an anti-inflation message, but his efforts to bring prices down anger a core Republican constituency.”
Yet farmers remain optimistic about the country’s direction, according to Purdue University, with 71% saying the US is “headed in the right direction.” However, confidence in tariffs has declined: only 51% now believe tariffs will strengthen the agricultural economy, down from 70% in spring. Meanwhile, 30% think tariffs will weaken it.
Politically, Trump appears to be moving quickly to neutralize the farm backlash, offering farmers a multibillion dollar financial support package drawn from tariff revenues.
“They don’t want this to be happening next August,” says Daponte-Smith. “That’s when it really could be an issue.”
Argentina's President Javier Milei celebrates after the La Libertad Avanza party won the midterm election, which is seen as crucial for Milei's administration after U.S. President Donald Trump warned that future support for Argentina would depend on Milei's party performing well in the vote, in Buenos Aires, Argentina, October 26, 2025.
What We’re Watching: Milei’s smashing election night, Brazil’s Lula eyes US trade deal, Sudan’s rebel forces seize stricken Darfur town
Argentina’s Milei bounces back in midterms
Argentine President Javier Milei’s La Libertad Avanza party surged in yesterday’s parliamentary elections, getting more than 40% of the vote – against just 32% for the opposition Peronists – winning enough seats to ensure the opposition can’t override the president’s veto. Milei was in a tough spot ahead of the vote, facing a stagnating economy, a corruption scandal involving his sister, and dwindling central bank reserves (a result of his policy of propping up the peso). But the results suggest Argentine voters appreciate the “anarcho-capitalist” outsider’s efforts to tame inflation via economic “shock therapy.” Argentine bonds surged following the results, which gives Milei a mandate to continue with his approach while also opening the way for a $20 billion bailout from the United States.
Can Trump and Lula make a deal?
After meeting with Trump at the ASEAN summit in Malaysia yesterday, Brazil’s President Luiz Inácio Lula da Silva said a new US-Brazil trade deal is “guaranteed.” In June, US President Donald Trump slapped 50% tariffs on Brazil, blasting the country’s controversial content moderation policies, demanding an end to the prosecution of former President Jair Bolsonaro on coup charges, and accusing the country of “unfair” trade practices (note: the US actually runs a surplus with Brazil). Is a deal possible? Lula won’t change tack on content moderation, nor is he going to “free” Bolsonaro. What else might Washington seek from Brazil instead? Trump seems less certain of a deal than Lula, saying only “we’ll see.”
Sudan’s Darfur region falls to the Rapid Support Forces
In a fresh turn for Sudan’s brutal civil war, the Rapid Support Forces (RSF) have pushed their rivals in the Sudanese Army out of El Fasher, a key city in the Darfur region. The move gives the RSF broader control over Western Sudan. El Fasher has been under siege since April, with civilians trapped inside enduring extreme famine and violence. The RSF, which has been accused of genocide by the US, was driven out of eastern and central Sudan, as well as the capital, Khartoum, earlier this year.Election season is here
As we race toward the end of 2025, voters in over a dozen countries will head to the polls for elections that have major implications for their populations and political movements globally.
Today, GZERO is highlighting three of them that stand out to us – in the United States, Argentina, and Côte d’Ivoire. The issues each of those electorates face are different, but the results could provide insight into the future of larger political trends.
Democrats seek a glimmer of hope
The United States doesn’t have a nationwide election this fall, but it has plenty of local ones to pique the interest of political nerds. These include the mayoral election in New York City, gubernatorial races in New Jersey and Virginia, and state Supreme Court races in the purple state of Pennsylvania – Election Day for all them is Nov. 4.
“Democrats probably should win all those races for this election to be to feel like a success for them,” University of Virginia politics expert Kyle Kondik told GZERO.
Though these races are local, they have national implications, as the Democratic Party desperately seeks to build some momentum after a tough year. The party is struggling for leadership, its messaging has been muddled, and it hasn’t been able to even temper – let alone stop – President Donald Trump’s policy agenda.
One Democrat who has brought some life to the party this year is Zohran Mamdani, the nominee for New York City mayor. A democratic socialist, Mamdani rode the waves of a successful social-media campaign to defeat former New York Governor Andrew Cuomo in the primary, and is now all-but-certain to become the mayor. This doesn’t mean his message, though, will work elsewhere in the country.
“There may be something appealing about Mamdani’s campaigning style – the short videos, that sort of thing.” said Kondik. “But I don’t think staking out left-wing positions is going to suddenly be seen as a winning strategy.”
Can Milei clean up the midterm mess?
Argentine President Javier Milei’s libertarian movement is on the line as the South American country heads to the polls on Sunday in legislative elections.
The economist-turned-politician, replete with his mutton chops and sometimes a chainsaw, has become a figurehead for a global movement to slash the size of government via “shock therapy.” However, he’s faced some roadblocks recently: unemployment is increasing, the economy is slowing, and a corruption scandal sent government bonds tumbling over the summer. It didn’t help matters that his foreign minister resigned on Wednesday. This has all overshadowed the significant progress that Milei has made in cutting the country’s notoriously high inflation rate.
Though Milei isn’t personally on the ballot this year, an ally from afar has tried to throw his party a lifeline: US President Donald Trump pledged to hand Argentina a $20-billion bailout. The money comes with conditions, though. “If he doesn’t win, we’re gone,” Trump said. “If he loses, we are not going to be generous with Argentina.”
So what’s Milei’s target? Milei’s Libertad Avanza party is still nascent – it was only formed in 2021 – so it has only scant representation in the National Congress. What’s more, only a third of senators are up for reelection, and half the Chamber of Deputies. The goal for Milei, then, is simply to nab a third of all seats in the lower chamber, which will be enough to give him veto power.
Will it happen? “The expectation a couple of months ago was the government was expecting to have a very strong performance in the election and win at least a third of the seats.” Juan Cruz Díaz, the managing director of Buenos Aires-based advisory firm Cefeidas Group, told GZERO. “Now the situation is more challenging.”
Another old leader set to retain power on world’s youngest continent
Côte d’Ivoire on Africa’s West Coast is known for many things: it is the world’s largest cocoa producer, it has large gold reserves – particularly important with gold prices sky high – and it has had its share of world-class soccer players, most notably Didier Drogba.
One thing that the country isn’t known for, at least recently, is democracy. The country hasn’t had a peaceful transition of power in decades: two of the last three presidents were forcibly deposed, and the other was assassinated two years after leaving office. Meanwhile the incumbent leader Alassane Ouattara, who is 83 and seeking a fourth term, has clamped down on opposition leaders and restricted mass gatherings on the grounds that it could cause yet another coup.
What’s more, the opposition is fragmented, according to Eurasia Group’s West Africa analyst Jeanne Ramier.
“Nobody has successfully managed to mobilize against the fourth term,” said Ramier. “Whereas, on the contrary, many people are actually advocating for Ouattara because he’s got a good record, because they want stability and peace.”
Ouattara’s impending victory also highlights a trend across Africa: There are several elderly leaders across the continent, and many are set to stay in charge. It’s a remarkable trend on what is the youngest continent in the world – by some distance – and one that is fueling concerns about the state of democracy across it.
US President Donald Trump and Argentine President Javier Milei react at the White House in Washington, D.C., USA, on October 14, 2025.
What We’re Watching: Trump makes conditional pledge to Argentina’s Milei, Syria’s new leader meets old foe, Cameroon’s opposition leader declares victory
Trump pledges money to Argentina – if Milei’s party wins midterm
US President Donald Trump appeared to hand Argentine President Javier Milei a financial lifeline ahead of the South American nation’s midterm election later this month, pledging to grant the long-suffering economy a $20-billion bailout. But, the US leader added, “If he loses, we are not going to be generous with Argentina.” Trump denied that he was seeking to boost Milei ahead of the midterms, but Democrats criticized him for helping out a foreign administration while the US federal government is shut down. It’s also unclear what would constitute enough of a “win” for Milei in the eyes of Trump – the Argentine leader is hoping to win a third of Chamber of Deputies seats so that he can gain veto power.
Syria and Russia meeting turn enemies into allies again
Syria’s new President Ahmed al-Sharaa visited Russia on Wednesday, meeting with one of the biggest backers of the Assad regime he overthrew. Both Syria and Russia have reasons to bury that hatchet. Al-Sharaa is seeking guarantees that Russia won’t rearm remnants of Assad’s forces, and could instead help rebuild Syria’s army. He also implored Moscow to hand over Assad to face trial in Syria. Meanwhile, Russia has lost or been restricted from accessing its military bases and naval ports in Syria, which provide Russia its only stopover points in the eastern Mediterranean for planes and ships traveling to Africa. Following the meeting, al-Sharaa said that Syria would honor all past deals struck between the two countries, suggesting that Russia’s military bases may be open for business again soon.
Cameroon’s opposition leader declares victory over 43-year incumbent
One might not expect that a battle between a 92-year-old and a 79-year-old — who happens to be his former friend — would necessarily have such major consequences for a country, but that’s exactly the case for Cameroon. Opposition leader Issa Tchiroma Bakary, 79, claimed victory yesterday over President Paul Biya, 92, following Sunday’s presidential election, and called on the long-time leader to “honour the truth of the ballot box.” Biya’s party denied Tchiroma’s claims, though the long-time leader hasn’t necessarily been the most reliable practitioner of democracy. The official results for Sunday’s poll have yet to be announced – the deadline for their certification is Oct. 26.
Protesters led by children march in London, United Kingdom, on June 1, 2025, demanding the release of Ukrainian children kidnapped by Russia and an end to Russian aggression in Ukraine.
Hard Numbers: Russia reportedly indoctrinating kidnapped Ukrainian children, Fed to discuss rate cuts amid political firestorm, Argentina’s Milei presents budget, & More
210: The Kremlin is holding Ukrainian children at 210 different sites across Russia, according to a Yale University report, and forcing them to have re-education sessions and military training. Ukrainian President Volodymyr Zelensky has regularly cited the abductions as evidence that Moscow is committing genocide in Ukraine. Kyiv estimates that 20,000 children have been taken since the start of Russia’s full-scale invasion in 2022.
€1 billion: Poland increased its cybersecurity budget from €600 million ($708m) to €1 billion ($1.18b) after Russian hackers targeted its hospitals and Warsaw’s water supply. The Polish foreign minister said the country faces 20-50 cyber threats to critical infrastructure each day, most of which it thwarts.
3: The US military hit a Venezuela drug boat on Monday, killing three people. The attack marks the second time this month that the US has hit a boat suspected of drug smuggling off the coast of Venezuela.
7: A political storm is clouding the US Federal Reserve as its seven governors meet over the next couple of days to decide whether to cut interest rates – the target range is currently 4.25%-4.5%. Among the seven decision-makers are Lisa Cook, whom President Donald Trump has tried to fire but remains in situ after a court win yesterday, and Stephen Miran, a Trump ally whom the Senate confirmed only yesterday.
1.5%: Argentine President Javier Milei presented his 2026 budget proposal Tuesday to the National Congress, with the aim of having a fiscal surplus of 1.5% next year. The budgets for each of the last two years have been rejected, so the government has instead extended and continued to use the one implemented in 2023. With the midterm election only six weeks away, the budget could have political ramifications for Milei.