For the carnivores among us, a jugoso (medium-rare) steak in Argentina is a beautiful thing. The Gaucho restaurant in the City of London will serve up a worthy competitor but at about 60 pesos (£7.50) for a hulking cut of tenderloin, you won’t beat Buenos Aires for value. It’s hard to believe it could ever have been cheaper.

But speak to locals and members of the capital's expat community and you'll be left in little doubt that the cost of living is rising. By just how much remains a bone of contention for Christine Lagarde at the International Monetary Fund.