Argentine Annual Inflation Plummets, In Boost For Milei

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Argentina's annual inflation rate fell to 117.8% in 2024, down nearly 94 points in the year since budget-slashing President Javier Milei took power, the national statistics agency said Tuesday.

Inflation, the perennial bugbear of South America's second-biggest economy, stood at 2.7 percent in December, up slightly from 2.4 percent a month earlier.

But it was the third straight month in which prices rose by less than 3 percent, the INDEC statistics institute said.

Economy Minister Luis Caputo attributed the rise in prices to "seasonal" factors, linked to the end-of-year holidays and the southern hemisphere's summer holidays.

Writing on X, he said the figures nonetheless showed "the continuity of the disinflation process."

In November, inflation fell to its lowest level in over four years.

A jubilant Milei at the time declared that fast-rising prices, a staple of life in Argentina for decades, would soon be "little more than a bad memory."

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