Argentina's annual inflation slows to 276% in May

By Ovunc Kutlu

ISTANBUL (AA) - Argentina's consumer inflation slowed to an annual gain of 276.4% in May, according to data released Thursday by the National Institute of Statistics and Censuses (INDEC).

The figure showed a year-on-year gain of 287.9% in March and climbed to a new annual record-high increase of 289.4% in April -- the highest in more than three decades.

The consumer price index (CPI) in May rose 4.2% from April as monthly inflation slowed for the fifth consecutive month, INDEC said in a report.

That figure posted a monthly increase of 11% in March, and a gain of 8.8% in April when the South American country saw its first single-digit monthly inflation in six months.

Argentina's central bank on May 14 lowered interest rates to 40% from 50% -- the sixth rate cut since President Javier Milei took office in December.