Argentina’s monthly inflation drops to 2.7%, lowest level in 3 years

FILE – Argentina’s President Javier Milei walks on the floor of the New York Stock Exchange before ringing the opening bell in New York, Sept. 23, 2024. (AP Photo/Seth Wenig, File)

BUENOS AIRES, Argentina — Argentina’s inflation slowed to 2.7% in October, the lowest level in three years in a win for the libertarian government of President Javier Milei who came to power almost a year ago promising to pull Argentina out of a dire economic crisis.

Argentina’s statistics agency on Tuesday reported October’s number. In September, inflation was 3.5%.

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On an annual basis, inflation in October was 193% compared to 209% reported in September.

Milei has trumpeted falling prices in recent months as a victory in his fight against Argentina’s worst economic crisis in over two decades.

The government has promised to reduce inflation below 3% before the end of the year, something it finally did.

When he took office in December, monthly inflation surged to 25%, and despite it having gone down since, ordinary people struggle in their daily lives as the government imposed a radical economic overhaul, including the elimination of previous generous energy subsidies.