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Argentina’s central bank lowered its benchmark interest rate by 300bps to 29% on January 31, 2025, as inflation continued to moderate. This was the ninth rate reduction since President Javier Milei took office in December 2023, bringing borrowing costs to their lowest level since October 2020. In December 2024, the annual inflation in the country slowed for the eighth consecutive month to 117.8%, the lowest level since July 2023, down from 166% in November. Monthly, inflation rate was at 2.7%, marking the third consecutive month below 3%. The rate cut coincides with the government's plan to reduce the currency's official monthly depreciation rate from 2% to 1% starting February 1. This contentious policy, known locally as the "crawling peg," has drawn considerable attention as policymakers seek to further ease inflation.