Argentina inflation ticked up slightly and less than expected in June, another win for President Javier Milei ahead of midterm elections after a large seasonal component pulled May’s reading down to a five-year low.

Argentina’s economy is rebounding fast. Inflation has plummeted, growth is back, and poverty is falling. Javier Milei’s shock reforms are delivering what few thought possible.

President’s economic team sends a signal to the market that it still has an iron grip on Argentina’s money supply, a key ingredient to thwarting inflation, stabilising the peso – and his high approval ratings.

Argentina's National Institute of Statistics and Census (Indec) reported on Monday that inflation in June was 1.6%, marking the second-lowest monthly figure of the year. This brings the cumulative inflation for the first six months of 2025 to 15.

President Javier Milei, who has slashed public spending by 30% since taking office in 2023, vowed to veto the legislation.

June inflation came in at 1.6 percent, slightly up from May's 1.5 percent, which had been the lowest rate in five years, the INDEC national statistics bureau said.

The economic recovery is concentrated in the wealthiest sectors of society, while the middle and lower classes are cutting back and suffering from rising unemployment