“Argentina should focus on what it is ‘inherently competitive’ at: agriculture, mining, oil and gas. What God has given us.”
When it comes to cattle ranching and beef production, Argentina is a global powerhouse, with its vast, fertile Pampas plains, high-quality grass-fed beef (though standards appear to be slipping), and cultural tradition of gauchos. But the local populace is increasingly being priced out of the market as the price of beef surges at double the rate of headline inflation.
While headline annual was 32.6% in March 2026, the price of meat saw increases of between 55% and 61%, depending on the region of the country. It’s hardly a surprise, then, that beef consumption fell 10% month on month. According to recent data, beef consumption in Argentina has fallen to 20-year lows of around 47.3 – 49.9 kg per capita per year.
In fact, the price of meat has risen so sharply in recent months that Argentina’s faux libertatrian President Javier Milei even made reference to the phenomenon last week following the latest release of monthly inflation figures. According to the Institute of Statistics and Census (INDEC), inflation increased 3.4% in March 2026, its highest level in the past 12 months.
That figure represented a sharp increase on February (2.9%). It was also the tenth consecutive month of month-on-month increases in inflation. On an annual basis, inflation is now as high as 32.6%. Granted, that’s still much lower than it was 27 months ago when Milei took over the reins and sent inflation to the moon with a 52% devaluation of the Argentine peso, but the mere fact that it is once again rising on a consistent basis is a major cause for concern.
Also, keep in mind that these inflation figures are much lower than they should be, as is the case in most countries. The basket for calculating the consumer price index (CPI) in Argentina is based on a consumption survey from 2004/5, which leaves out profound changes in the structure of household expenditures that have taken place over the past 20 years.
Amazingly (or then, perhaps not), every government of the past two decades has refused this approach out of fear that it would result in much higher inflation numbers. Milei had promised to break this cycle, but then chickened out. Applying the new CPI model would make Argentine inflation seem even higher, the Central Bank of the Republic of Argentina (BCRA) acknowledged.
After the latest release of inflation data, a rather desperate Milei said: “If we take core inflation and remove the effect of meat, it is the same as last month at 2.5%.”
But every crisis presents an opportunity. And that opportunity has so far been to the benefit of producers of cheaper meats and other key sources of protein, such as pork, chicken and eggs, which saw record sales last year. But their prices are also surging, leaving many consumers and businesses struggling to keep up. More and more customers are having to pay on credit, a Buenos Aires-based butcher tells Página 12:
“Food is also beginning to be paid in instalments. You restructure the sale. People then went from buying beef… to pork or chicken.”
These conditions have presented an opening for producers of a more niche product: Patagonian donkey meat. Last week, an open tasting of barbecued donkey was held at a local grill in the province of Chabut. The main attraction was that the meat was selling for just under a third of equivalent cuts of beef. Besides making bank, the apparent aim of the tasting was to challenge cultural perceptions of this, until now, overlooked and underused foodstuff.
Personally speaking, I have never, at least knowingly, eaten donkey meat, and would be intrigued to hear the opinions of readers who have. In some parts of the world donkey is apparently considered a delicacy, including parts of China (Gansu province and the bordering areas of Xinjiang, Qinghai, Ningxia and Inner Mongolia) “where it is revered as the earthly equivalent to dragon meat”, writes Laura Kelly in her book, The Silk Road Gourmet:
Donkey meat is also available in Beijing, Shanghai and most big cities in between, but Gansu is the epicenter of donkey cuisine and where the most delicious dishes can be found. I sampled several donkey dishes, but by far the most delicious was the Donkey with Yellow Noodles (lurou huangmian) had in Dunhuang.
The meat is tender, sweet and delicious. It tastes nothing like pork or beef. For obvious reasons, it does taste a little like horse, only it is sweeter and more tender, and like horse and many hoofy game meats it is also low in fat and high in protein. In addition to tasting good and being a healthy meat, it is also, very inexpensive, which I am sure adds to its popularity.
Whether the same will be true of gaucho Argentina remains to be seen. The footage below, of an Argentine journalist grimacing her way through a tasting session, is unlikely to change public perceptions.
Even if the public appetite for donkey meat were to suddenly rise, producers would still face regulatory obstacles to being able to sell their product nationwide, reports Colombia’s El Tiempo. But Milei’s famed chainsaw would no doubt make quick work of any impediments, especially if well-connected business figures began investing in donkey farms.
Milei’s government has already slashed regulations for more established meat industries. The resulting lax practices have already resulted in the suspension of imports of Argentine beef by Chile over health safety concerns. China, the biggest buyer of Argentine beef, also recently suspended imports from the ArreBeef meatpacking plant due to the alleged presence of the antibiotic chloramphenicol, which has been banned in many countries for decades.
The US, meanwhile, is buying more Argentine beef than ever before, thanks to Trump’s recent decision to expand US beef imports well above WTO quotas, despite the disastrous effects it could have on US producers. Lori Wallach, the director of Rethink Trade, describes the contentious move as a favour for Trump’s “rightwing Argentine leader buddy”.
The sudden interest in donkey meat comes at a delicate time for Milei’s government. Following a spate of scandals, including the $LIBRA meme coin scandal involving Milei and his sister, Karina, the government’s approval ratings have sunk to 36%. Meanwhile, the economy shows no sign of turning the corner…
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Nick Corbishley 