Argentina's annual inflation falls in October to lowest since mid-2018

(Reuters) -Argentina's annual inflation rate fell for the 18th straight month in October, official data showed on Wednesday, as the monthly rate was a tick above market expectations.

Consumer prices rose 2.3% in October, up from the 2.1% registered in September and just above analysts' forecast of 2.2%.

Headline inflation fell in the 12 months through October to 31.3%, easing from the previous month's 31.8% rate and in line with forecasts.

The annual rate is the lowest since July 2018, Economy Minister Luis Caputo said.

The data comes after Argentine President Javier Milei secured a decisive win in last month's midterm elections, enabling him to push ahead with overhauling the economy, despite discontent among many with his deep austerity measures.

Fears about a possible inflationary spike ahead of last month's midterm vote were quelled following the disbursements of U.S. funds to calm the Latin American country's currency market.

The October data "underscores the strength of the government's economic program and the success of its fiscal and monetary discipline in limiting the impact of financial volatility on Argentines' purchasing power," Caputo said in a post on X.

Inflation is on track to end the year at its lowest annual level since 2018.

Argentine analysts see annual inflation closing the year at 29.6%, according to a central bank market expectations survey released last week.

(Reporting by Walter Bianchi and Brendan O'Boyle; Writing by Iñigo Alexander; Editing by Kylie Madry)

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