Updated May 15

Argentina’s monthly inflation was 8.8% in April 2024, a 2.2-point drop from March, according to the National Institute for Statistics and Census (INDEC, by its Spanish acronym). 

However, the report released on Tuesday showed that year-on-year inflation remained steady at 289.4%, having soared to 288% in March.

Cumulative inflation for the first four months of the year reached 65%. 

After the inflation data was published, the central bank said in a statement that it had cut the interest rate to 40% from 50% previously — the fifth major cut since Milei took office.

Within the divisions of goods and services analyzed, the biggest monthly increase was 35.6% in the housing and utilities category due to gas, water, and electricity tariff increases. It was followed by 14.2% in the communications category, 9.6% in clothing and shoes, and 9.1% in health (which includes medication costs and healthcare payments).

According to the report, housing and utility price hikes had the highest influence on the rate for Buenos Aires province and the regions of Cuyo and Patagonia. Food and non-alcoholic beverage prices — which increased by 6% due to meat, bread, egg, and cereal prices — had a greater impact in the rest of the country.