Argentina’s Monthly Inflation Rate Slows to 2.4%
BUENOS AIRES (Reuters) – Argentina’s monthly inflation rate slowed to 2.4% in November, the lowest in over four years, the official INDEC statistics agency said on Wednesday. The monthly figure came in well below forecasts of 2.8% and lower than 2.7% a month earlier.
The annualized 12-month inflation rate slowed to 166% from 193%. Education, rent, and utilities, tobacco and alcohol led the monthly price increases, while food and non-alcoholic drinks saw the slowest price rises, INDEC said.
Economy Minister Luis Caputo hailed the monthly inflation print, saying it brought Argentina closer to being able to slow its “crawling peg” monthly controlled devaluation of the peso to 1% from the current 2%.
President Javier Milei’s austerity measures have helped to curb inflation, but the economy remains mired in recession, and many consumers are struggling to make ends meet. Some, however, are willing to give Milei more time, citing his success in reducing inflation.
“My sense is that we’ve already passed the worst. It seems to me the economy hit bottom two months ago,” said textile merchant Aram Boyaciyan. “The worst of the crisis may be behind us.”