President Javier Milei has overseen a major crackdown on government spending, leading to a remarkable fall in inflation after years of economic instability.

Argentina's monthly inflation rate slowed to 2.2% in January, its lowest level since mid-2020, while landing slightly below analyst estimates, data from the INDEC statistics agency showed on Thursday.

Inflation, the perennial bugbear of South America's second-biggest economy, was down from 2.7% in December, it said, and January was the fourth straight month in which prices rose by less than 3%.