Inflation in Argentina slowed more than expected last month to its lowest level in three years, buoying an already ebullient President Javier Milei who made getting inflation back under control a key priority for his government.

BUENOS AIRES, Argentina (AP) — Argentina's inflation slowed to 2.7% in October, the lowest level in three years in a win for the libertarian government of President Javier Milei who came to power almost a year ago promising to pull Argentina out of a dire economic crisis.

Argentina's central bank cut its benchmark interest rate to 35% in a surprise move on Friday, boosting local markets and signaling growing optimism by the government that it can tame the country's triple-digit inflation.

The libertarian president, nearing a year in office, has celebrated falling inflation as one of his government's key accomplishments, after one of the largest adjustments in public spending in recent history.