Argentina’s monthly inflation plunges to 4.2% in May, lowest in 2 years in boost to President Milei

By ISABEL DEBRE
Associated Press

BUENOS AIRES, Argentina (AP) — Argentina’s monthly inflation rate has halved in May for the first time since January 2022, boosting President Javier Milei’s severe austerity program aimed at resolving the country’s worst economic crisis in decades. Data released Thursday showed Argentina’s monthly inflation rate in May plunged to 4.2% . That’s down from a monthly rate of 8.8% in April and well below a peak of 25% last December, when Milei became president with a mission to tame Argentina’s sky-high inflation.B ut Argentina’s annual inflation remains among the highest in the world at 276% as of Thursday. Argentines say they don’t feel inflation easing as wages remain stagnant and Milei’s devaluation of the currency last year pushed prices up.