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Argentina's inflation hits 2.1% in May

Argentina's inflation rate reached 2.1% in May, according to data from statistics agency Indec.

The monthly inflation recorded was below the 2.5% estimate from analysts polled by Reuters.

May's result brought inflation through the first five months of 2018 to 11.9%; the rate for the 12 months through May came to 26.3%.

Banco Central de la República Argentina said in the economic plan it submitted to the International Monetary Fund that it expects inflation to settle at about 27% in 2018, higher than its previous goal of 15%, Reuters reported. June inflation is also expected to pick up from the previous month, the central bank said during its recent interest rate decision where it maintained the benchmark rate at 40%.

Fitch Ratings forecasts Argentina's inflation to grow to 27.5% by year-end 2018.

The Argentine peso fell June 14 following a local media report that some central bank officials would leave.