Annualized inflation eased to a 2.3 percent pace, the lowest since early 2021. But the month-to-month pace of inflation increased.

Inflation rose less than expected in April, as prices rose 2.3% over the year, down from 2.4% in March. Prices for gas and groceries fell, but housing and eating at restaurants got more expensive. Inflation was slightly milder than forecasters had expected, before consumers faced the full brunt of President Donald Trump's import taxes.

Prices for other foods declined in April. Inflation in the fresh fruits and vegetables group dropped by 0.7%, with lettuce and tomato prices both down by over 6%. Dried beans, peas and lentils, however, were up by nearly 6%, underscoring the volatile nature of food prices.

Argentina's monthly inflation rate slowed more than expected to 2.8% in April, data from national statistics agency INDEC showed on Wednesday, though residents continue to struggle with the South American nation's ever-rising costs.