Buenos Aires: Argentina’s inflation slowed for the second straight month in May, economic data released Thursday showed.

Consumer prices rose 2.1% last month compared with April, the government statistics agency INDEC reported — a rate hailed by Economy Minister Luis Caputo as the lowest monthly level in eight months.

But annual inflation rose marginally to 33.2% this May because monthly inflation in May 2025 hit a seven-year low of 1.5%. Since then, prices have climbed and stayed high.

In May, communications sector saw the biggest price increases with 3.4% on higher phone and internet bills, followed by education costs. Food prices accelerated by 2.5%.