BUENOS AIRES, Argentina — In a notable shift, Argentina’s inflation rate fell to 2.7% in October, marking the lowest monthly figure in three years. This positive development is seen as a significant win for President Javier Milei, a libertarian leader who assumed office nearly a year ago with the promise of navigating the nation out of a severe economic downturn.

The country’s statistics agency released this data on Tuesday, indicating a decrease from September’s inflation rate of 3.5%. When examining the annual figures, October’s inflation stood at an astounding 193%, which is a decline from the 209% rate reported for September.

Milei has celebrated the decrease in inflation as a key achievement in his administration’s efforts to tackle what has been described as the worst economic crisis Argentina has faced in over 20 years. The government has made a concerted effort to bring inflation down below the 3% threshold before the year concludes, a goal they have now successfully attained.

Upon Milei’s inauguration in December, the inflation rate for that month experienced a significant spike, reaching 25%. Although there has been a downward trend since then, many citizens continue to face everyday challenges as the government has implemented extensive economic reforms. These reforms include scrapping previously generous subsidies for energy, resulting in further strain on the population despite the progress made in reducing inflation.