Monthly inflation in Argentina reached 4.2% in May, the lowest in 2.5 years. The main reason for the result is the drop in consumption, reported AFP.
For the first five months of 2024, inflation reached 71.9%, and on an annual basis - 276.4%.
In December 2023, when President Javier Millay took office, inflation jumped 25.5%, fueled by the devaluation of the peso by more than 50%.
The self-proclaimed "anarcho-capitalist" Millay has promised to stop Argentina's economic decline and reduce the budget deficit to zero.
He slashed public spending, cut the cabinet by half, cut 50,000 public sector jobs, halted new construction contracts and scrapped fuel and transport subsidies.
In April, the head of state announced the first quarterly budget surplus in the South American country since 2008.
Economy Minister Luis Caputo noted the May data as evidence of a "deepening of the ongoing process of disinflation." | BGNES
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