Argentina's Sky-High Inflation Eases Slightly to 5.1% in May

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Argentina's monthly inflation clocked in at 5.1% in May, still painfully high but below expectations and slower than the two previous months as the South American grains producer battles to bring down consumer prices, Reuters reported. That was below the median forecast of 5.2% that local and foreign analysts polled by Reuters gave. The rate was 6% in April and a year-high 6.7% in March. The annual inflation rate, however, is expected to top 70% by the end of the year. "Although this represents a slowdown in the monthly variation, this must be weighed against annual inflation that continues to grow and will end the year above 70%," said Eugenio Mari, chief economist at Libertad y Progreso. The rolling 12-month inflation rate ticked up to 60.7% in May while prices year-to-date were up 29.3%, Argentina's INDEC statistics agency said. Read more.