BUENOS AIRES, Jan. 14 (Xinhua) -- Argentina recorded an annual inflation rate of 31.5 percent in December, the lowest year-end level in eight years, the National Institute of Statistics and Censuses (INDEC) reported Tuesday.

However, consumer prices rose 2.8 percent from November, marking the second-highest monthly increase of the year, and largely driven by transport, housing, utilities and fuel costs, according to the INDEC report.

The latest inflation figure is compared with the 117.8 percent rate posted in December 2024. The previous year was the first year with the fiscal austerity measures implemented by President Javier Milei's government.

Following the release of the December data, Economy Minister Luis Caputo described the result as "an extraordinary achievement," citing a context marked by price realignments, the adoption of a floating exchange rate, and a sharp contraction in money demand.

Caputo said the stabilization program, based on fiscal surplus, strict monetary control and the recapitalization of the Central Bank of Argentina, will remain the pillars of the government's disinflation strategy. ■