2024-05-02 00:10:00
The occupying authorities of the Falkland Islands expressed their concern about the unexpected increase in inflation, which reached 3.2% in the last year. Although this number may seem modest compared to Argentina’s figures, for Kelpers it is a cause for alarm, even in a context of economic prosperity resulting from the boom in the exploitation of fishing and other natural resources.
According to data from the local Permanent Finance Commission, the British entity that measures the statistics of the population settled in the archipelago, there was a significant acceleration of the consumer price index compared to the previous quarter, mainly attributed to the rising energy and food prices.
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Inflation in Puerto Argentino, meanwhile, “unexpectedly” reached a 3.2% year-on-year, that is, in the year until March of this year, the agency stated Merco Press. Likewise, there was a quarterly increase of 0.7%, in line with the increase in prices of food, non-alcoholic beverages, fuel and energy.
Although it is a ridiculous figure if compared to the numbers in Argentina, for the 3,500 inhabitants of the archipelago it is an alarm signal. However, the income generated by fishing in the Argentine Sea allowed the kelpers, which doubled their population in the last four decades, to maintain a high standard of living. Even with salaries higher than those of the United Kingdom, which has forcibly occupied and administered that territory since it usurped it in 1833.
Despite the economic prosperity, linked in part to the illegal exploitation of the resources of the Argentine continental shelf, it is expected that the expenses for medical treatment abroad are larger than expected, with an estimate of more than £1 million.
On the other hand, another bulk of the expenditure indicated in the budget by the Commission was the service paid to the United Kingdom government to maintain the air bridge between London and Puerto Argentino. According to the Falklands administration accountant, in the 2022/23 financial year, more than dand 6 million dollars to the British Ministry of Defense for the airliftwhile just over 5 million were recovered through the payment of flight fares.
Inflation in Argentina
Inflation closed at 211.4% in 2023 in Argentina according to INDEC, with a notable impact in December, when it exceeded 25%. The fight against inflation, meanwhile, was one of the president’s main promises Javier Miley since he won the election last November.
In year-on-year terms, inflation in Argentina accelerated to reach 287.9%, the highest level since the 90s. However, last March, consumer prices rose only 11% from February to March, below the expectations of economists, who expected a rise of 12.1%. President Milei even expressed that inflation could fall below 10% in April.
The “new” Hong Kong-style proposal for the Malvinas
For the Falkland Islands, the impact of the Argentine economic model is not only a distant and incomprehensible issue, but is used by some as propaganda to argue against the Argentine claim to sovereignty of the South Atlantic archipelago.
For his part, President Milei indicated that he will promote a “real and sincere claim” to recover the sovereignty of the Malvinas, Georgia and Sandwich Islands, without giving further specifications. “There is no sovereignty without economic prosperity and no economic prosperity without economic freedom,” the president said on the April 2 anniversary.
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