The interest rate was at 50%; Javier Milei took office as President on December 10, 2023, when interest rates were at 133% per year. The Central Bank of Argentina lowered the basic interest rate again on Tuesday (May 14, 2024), from 50% to 40%.
The measure came hours after the Indec (National Institute of Statistics and Censuses) reported that the country’s monthly inflation closed April at 8.8%.
The monetary authority said it “noted that the firmness of the government’s commitment to the target of zero fiscal deficit increases the credibility in the central anchor of the economic program and strengthens a path of lower inflation expectations.”
Here is the full announcement, in Spanish (PDF – 83 kB).advertisementThe President of Argentina, Javier Milei, took office on December 10, 2023, when interest rates were at 133% per year.
The April inflation result reported on Tuesday (May 14) represents a 2.2 percentage point deceleration from March, when it reached 11%. It was the 4th consecutive month of decline.
Here is the full report (PDF – 1 MB, in Spanish).The sectors of housing, water, electricity, gas, and other fuels (35.6%), communication (14.2%), clothing and footwear (9.6%) were the ones that had the highest monthly variation.
Meanwhile, Argentina’s annual inflation rose to 289.4% in April – the highest level since February 1991, when inflation stood at 582%. This was a 1.5 percentage point increase compared to the 287.9% recorded in March.Read more:
