The president’s “shock therapy” economic policies are strengthening the Argentine weight so much that the cost of a dinner has been doubled over last year. Restaurants that previously prospered at attractive prices now face a new scenario, leaving behind the times when Buenos Aires was a cheap destination for tourists and an accessible gastronomic paradise for residents.
This change is one of the most noticeable in the daily life of Argentines, known for their day -to -day steakhouses, hip bistros at night and nightclubs that open only at dawn. Now, both places and tourists are reducing exits, driven by an overvalued weight that made Big Mac Argentine the second most expensive in the world ($ 7) and the salty coffee in Latin America ($ 3.50).
“I was much more cautious to dinner, because today it is easy to spend $ 50 on a breaded arugula. Last year, this value covered a dinner for me, my husband and our three children, ”says Belen Triemstra, 43, a history teacher in Buenos Aires. “In 2023, we went out to eat once or twice a week. Now, I prefer to order food at home. ”
Trimstra reflects the new reality of the country under Milei. The difference between restaurant inflation and the increase in supermarket prices has never been so large.
Strengthened weight, high prices
For years, high inflation and currency controls led Argentines to quickly spend their weights, as the currency lost value quickly. But in 2024, the Argentine weight became one of the five most valued coins in the world, adjusted by inflation, with a gain of over 40% against the dollar, according to Bloomberg data.
Milei eliminated the price controls that kept artificially cheap food and hardened the gearbox restrictions, further strengthening weight. Economists point out that the currency is now overvalued. Cutting subsidies for public services has also required restaurants to pass up to 500% in light, gas and water accounts in the last year.
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“We are charging twice as long as last year,” says Gaston Riveira, owner of the La Cabrera steakhouses network in Buenos Aires. “Foreign tourism, which represents most of our clientele, fell 20% compared to 2023.”
While restaurant prices rose 100% in one year, purchases in supermarkets increased 65% below official inflation. In January, the cost of eating out rose three times more than domestic purchases.
Impact on the restaurant sector
Gonzalo de La Vega, owner of the Club Bonplate craft brewery, in the noble neighborhood of Palermo Hollywood, saw the costs shoot. Service accounts tripled after Malei cutting subsidies.
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The 39 -year -old entrepreneur tried to avoid passing costs fully, absorbing a 25% reduction in profits. But when he was informed that his rent more than he would double, he decided to close the deal.
“Before, customers came to dinner, asked for dishes, drinks and then were going to dance,” he says. “Now they just go out to take something. Consumption has plummeted. ”
With the currency stabilized, Argentines are cutting superfluous spending, affecting restaurants. The bars and hotel industry has lost more than 10,000 jobs since Milei assumed, according to government data.
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“January and February were very bad months. We had a 30% drop in sales in January and 12% in February compared to last year, ”says Victor Blanco, a partner of the Buenos Aires Grill and Puente networks. “No one stayed in town, many traveled abroad. Before, that didn’t happen so much. ”
In January, Argentines spent $ 645 million on purchases abroad, the largest volume since 2018, according to the country’s Central Bank.
About 2 million Argentines traveled out of the country in the month, more than triple in the number of foreign tourists who visited Argentina and an increase of 73% over last year.
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END OF THE BUILDING
Restaurants that were previously known for offering world -class meals at eager prices are now aligning their menus with global standards.
“We were coming from extremely low prices, a situation out of reality,” says Blanco. “Meat is still cheap compared to the rest of the world. There needed to be an adjustment. ”
© 2025 Bloomberg L.P.
