Argentina’s monthly inflation rate slowed to 4.9% in November, which is the lowest rate in nine months. Argentina’s Central Bank held its benchmark interest rate steady at 75% later on Tuesday, extending a pause on hikes after one of the world’s most aggressive tightening cycles. Inflation in October was 6.3%.
The official INDEC statistics agency said rolling 12-month inflation in November hit 92.4%, with prices up 85.3% during the first 11 months of the year. The monthly rate, though, was the lowest since February and well below analyst forecasts of 5.9%.
Argentines still battling one of the highest global inflation rates
Despite the monthly slowdown, Argentines are still battling one of the highest inflation rates in the world, which eats away at wages and saps earning power. Poverty is high at nearly 40% with many having to tighten their belts as prices rise. Analysts said the outlook remained complicated after years of struggling to bring down high prices.