Annual inflation nosedives in boost for Milei; Prices rose 2.7% last month, reports INDEC; Bureau’s data shows inflation fell almost 94 points year-on-year.

Argentina's monthly inflation ticked up a tad in December, data showed on Tuesday, though the annual rate slowed further as libertarian President Javier Milei pushed tough spending cuts and austerity measures.

Javier Milei's first year in office shows a major victory against inflation in Argentina, but at the expense of a deep recession.

Argentine President Javier Milei recently completed a year in office. Milei’s tenure has been a mixed bag so far. Milei, who supports minimal or no government interference in economic matters, began his tenure when Argentina was going through its worst economic crisis in at least two decades.

Argentina's central bank will slow the rate of the local peso's devaluation, it said on Tuesday, after new data showed annual inflation slowing in December and as the central bank sees continued progress on inflation.

Argentina's annual inflation rate fell to 117.8 percent in 2024, marking a significant drop of 93.6 points compared to the record 211.4 percent inflation rate of 2023. The sharp decline signals a significant turnaround for Argentina's economy under President Javier Milei.