Banco Central de la República Argentina held its benchmark policy rate at 26.25%.

The central bank noted that 12-month inflation expectations slightly increased to 17.1% from 17.0%. Inflation expectations for the construction price index also rose to 22.0% from 21.5% in the previous month.

The last rate change was announced April 11 when the benchmark rate was increased by 150 basis points.

BCRA aims to continue to keep "a clear anti-inflationary bias" to ensure that the disinflation process continues toward its inflation target of 12% to 17% in 2017.