Argentina's central bank will slow the rate of the local peso's devaluation, it said on Tuesday, after new data showed annual inflation slowing in December and as the central bank sees continued progress on inflation.

Javier Milei's first year in office shows a major victory against inflation in Argentina, but at the expense of a deep recession.

Argentina's annual inflation rate fell to 117.8 percent in 2024, marking a significant drop of 93.6 points compared to the record 211.4 percent inflation rate of 2023. The sharp decline signals a significant turnaround for Argentina's economy under President Javier Milei.

Argentina's monthly inflation ticked up a tad in December, data showed on Tuesday, though the annual rate slowed further as libertarian President Javier Milei pushed tough spending cuts and austerity measures.