Argentina's Inflation Rate Falls to 27640 Percent in May 2024

Monthly Inflation Rate Decreases to 42 Percent

Argentina's inflation rate has declined to 27640 percent in May 2024, according to official data released on Thursday. This represents a decrease from the 29220 percent recorded in April of the same year.

Central Bank Cuts Interest Rate

The news comes after the Argentine central bank cut the benchmark interest rate on Tuesday. This move was made in response to the declining inflation rate, which has now slowed for the fourth consecutive month.

Peso Devaluation

In addition to lowering interest rates, the Argentine government has also devalued the Argentine peso by 54 percent. This has helped to close the gap between the peso's official and black-market exchange rates.

Consumer Price Index Growth

The National Institute of Statistics and Census (Indec) announced on Thursday that the Consumer Price Index (CPI) had grown by 42 percent in May. This figure is below the Reuters poll forecast of 44 percent.