BUENOS AIRES, June 3 (Reuters) - Argentina’s inflation very likely eased in May from the previous month, Finance Minister Nicolas Dujovne said in Monday’s edition of local newspaper El Cronista, warning that consumer prices were still rising at a quicker than wanted pace.
Inflation was more than 55 percent in the 12 months through April. The rate in that month alone was 3.4 percent.
“It is very likely that we will see a decrease with respect to April,” told the newspaper, referring to May’s projected inflation rate. “It’s good news, relatively, because inflation is still high.”
May inflation data will be released on June 13.
The government wants inflation to drop ahead of the October election, when President Mauricio Macri is expected to seek a second four-year term. Argentina’s recession, punctuated by public utility subsidy cuts that have fueled electricity and heating gas price hikes, has hurt Macri’s standing among voters.
Macri, a proponent of free markets, was elected in late 2015 on a platform of “normalizing” Latin America’s third biggest economy after years of free spending populism under the previous president, Cristina Fernandez. But his reform program faltered as wages failed to keep up with the rapidly rising cost of living. (Reporting by Gabriel Burin, writing by Hugh Bronstein Editing by Alistair Bell)