Argentina's inflation rate slowed to 2.7% in October, marking the lowest level in three years. This development is seen as a significant achievement for the libertarian government of President Javier Milei, who took office nearly a year ago with a pledge to steer Argentina out of a severe economic crisis.
The country's statistics agency released the data on Tuesday, revealing a notable decrease from September's inflation rate of 3.5%. On an annual basis, October's inflation stood at 193%, down from 209% in the previous month.
President Milei has been vocal about the declining inflation rates in recent months, portraying them as a triumph in the battle against Argentina's most severe economic turmoil in more than two decades.
The government had set a target to bring inflation below 3% by the end of the year, a goal that has now been achieved. Upon assuming office in December, the monthly inflation rate had soared to 25%, prompting the government to implement drastic economic reforms, including the elimination of longstanding energy subsidies.
