It is winter in the southern hemisphere but Argentines are flocking to the beaches of Rio de Janeiro anyway, highlighting a problem for President Javier Milei and his crusade to make Argentina great again.

The caipirinha-sipping tourists are part of a bigger exodus. More than 8.4mn Argentines travelled abroad in the first four months of this year, 68 per cent more than in the same period the previous year. They are profiting from a peso so strong it has transformed once costly foreign trips into bargains — and blown a large hole in the country’s current account. 

The potent peso is policy. Milei is betting it will help him achieve the goal on which he has staked his political reputation: killing inflation. Argentina holds midterm elections in October and although last month’s inflation was the lowest in five years, prices are still up 43 per cent year on year.