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(Bloomberg) -- Argentina’s monthly inflation slowed to the lowest level since July 2020, handing President Javier Milei another victory on voters’ biggest concern a year after taking office.

Consumer prices rose 2.4% in November, compared with the 2.8% median forecast of economists surveyed by Bloomberg. Annual inflation slowed to 166%, according to government data published Wednesday.

Argentina is getting closer to slowing the country’s monthly pace of currency devaluation, known as the crawling peg, to 1% from 2%, Economy Minister Luis Caputo announced on X shortly after the data was published. Education, housing and utility costs led price gains.

The inflation reading comes a day after Milei’s one-year anniversary in office, which he celebrated with a nationally televised speech. The libertarian economist oversaw a dramatic fall in inflation throughout his first year, from 25.5% in December. The government expects annual inflation to fall to 18% in 2025, according to its budget projections.

“We are entering a year of low inflation, high economic growth and as a result, sustained growth in Argentines’ purchasing power,” Milei said Tuesday night.

Last week, Argentina’s Central Bank cut the benchmark rate to 32% from 35% in line with falling inflation expectations. If the inflation print continues to slow for three straight months, Milei last month announced he would slow the monthly pace of currency devaluation that the central bank controls to 1%, despite warnings from economists the peso has become overvalued in some sectors.

(Updates second deck headline and third paragraph with comments from economy minister on X.)