Argentina inflation ticks up less than expected in June
BUENOS AIRES (Reuters) -Argentina's monthly inflation rate slightly ticked up in June after slowing to its lowest in five years, official data showed on Monday.
Prices during the month rose 1.6% from the month before, national statistics agency INDEC said, just above the 1.5% recorded in May and below the 1.9% estimate from analysts polled by Reuters.
In May, monthly inflation hit its lowest since the same month in 2020, marking the lowest yet for libertarian President Javier Milei.
June's data is more good news for Milei, whose austerity measures have tamped down on once eye-popping triple-digit annual inflation and have inspired confidence from investors.
"Let's go, Toto!" Milei posted on X, referring to his economy minister, Luis "Toto" Caputo. "Good Argentines will cheer about 1.6% inflation, while my haters cry."
Early analyst estimates predict inflation slowing further in July, despite the month typically facing seasonal price increases.
Argentina had previously held the top spot for highest inflation in the region, though the No. 1 title likely now goes to Venezuela - which has stopped publishing economic data - followed by Bolivia.
In the 12 months through June prices rose 39.4%, slowing from the previous month's 43.5% rate and a tad below the 39.8% rate predicted by analysts.
Analysts polled by the central bank see annual inflation falling to 27% by the year's end.
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