Argentina’s annual inflation rate fell for the 18th straight month, reaching its lowest level in more than seven years.
While the 31.8% rate is still among the world’s highest, the new data represents vindication for Argentina’s President Javier Milei, who inherited inflation above 200%.
In more good news for Milei, the US reportedly drew nearly $1 billion of its International Monetary Fund reserves to help Argentina make a critical debt payment, a sign of Buenos Aires’ deepening ties to the world’s biggest economy.
Investors will be hoping that Milei’s recent legislative election win will lead to greater growth: Economic activity has cooled sharply in recent months.
