Argentina's November Monthly Inflation Recorded at Lowest Level Since July 2020

Forex - Argentina's monthly inflation fell to its lowest level since July 2020 in November. According to the National Institute of Statistics and Censuses, consumer prices were 2.4% higher compared to the previous month, indicating a figure below the market expectation of a 2.8% increase.

The inflation announcement came a day after President Javier Milei's speech on national television marking the first anniversary of his tenure. Monthly inflation, which stood at 25.5% in December last year, has shown a steep decline throughout the year.

On an annual basis, inflation was reported at 166%, closely aligning with market expectations. Inflation was anticipated to decrease from the previous month's 193% to 167%.

The government expects annual inflation to drop to 18% by 2025 based on budget projections. In his speech on Tuesday, Milei stated, "We are entering a year of low inflation, high economic growth, and sustainable growth in the purchasing power of Argentinians."