ISTANBUL

Argentina's consumer inflation slowed to an annual gain of 271.5% in June, according to data released Friday by the National Institute of Statistics and Censuses (INDEC).

The figure marks a slowdown from a year-on-year gain of 276.4% in May, and the annual record-high increase of 289.4% in April -- the highest in more than three decades.

The consumer price index (CPI) in June, however, rose 4.6% from the previous month, marking the first month-on-month acceleration after five consecutive months of slowing inflation, according to the INDEC figures.

Monthly inflation was 25.5% in December, slowing to 20.6% in January, 13.2% in February, 11% in March, 8.8% in April, and 4.2% in May.

The South American economy saw its first single-digit monthly inflation in six months in April.

Argentina's central bank on May 14 lowered interest rates to 40% from 50% -- the sixth rate cut since President Javier Milei took office in December.