Argentina inflation crests near 300% as monthly rate slows

15/5/2024 7:08

        Argentina's annual inflation rate hit near 290% in April, the highest in decades, but showed signs of cresting as the monthly rate slowed down more than analysts expected amid a tough austerity drive by libertarian President Javier Milei.
        
        According to official data released on Tuesday, the embattled South American country posted a monthly consumer price rise of 8.8%, still sky-high but down for the fourth straight month since a peak over 25% in December. It was also slightly below forecasts of a 9% rise.
        
        Inflation in the 12 months through April landed at 289.4%, only slightly higher than the annualized rate a month earlier, the official INDEC statistics agency said.
        
        Shopkeepers and consumers, however, said that although monthly inflation readings have slowed, the change has yet to be fully felt on the ground.