Inflation Rate in Argentina
Argentina's Inflation Rate Drops in May
The inflation rate in Argentina decreased to 27640 percent in May from 29220 percent in April of 2024. This marks the first time the inflation rate has fallen below 100 percent since February of this year.
Economic Impact
The quick reduction in public spending has helped Argentina swing from a fiscal deficit (the difference between the government's income and spending) to a surplus. This has helped to stabilize the economy and reduce the pressure on the peso, Argentina's currency.
However, the inflation rate remains high by international standards. This is making it difficult for businesses to plan and invest, and is also eroding the purchasing power of consumers.
Historical Context
Argentina's inflation rate has soared past 100 percent for the first time since the end of hyperinflation in the early 1990s. Inflation hit 102.5 percent in February, the highest rate since 1991.
Prices rose at a rate of 8.8 percent last month, the Argentine government statistics agency reported, down from a monthly rate of 11 percent in April.
Argentina's annual inflation rate reached 2114 percent in December, the country's statistics agency said on Thursday, confirming the depth of the economic crisis that has gripped the country for the past year.
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