BUENOS AIRES (Reuters) - Argentina's tax revenues rose 23.3 percent in May on the year to 170.3 billion pesos ($12.17 billion), the AFIP tax agency said on Friday.

The revenue collected is a record figure in pesos, but is well below the median forecast in a Reuters poll of economists, who predicted a collection of 185.6 billion pesos.

Private economists estimate Argentina's inflation rate is between 30 percent and 35 percent, which would mean the increase in tax revenue is largely explainable by consumer price increases.

(Reporting by Buenos Aires newsroom)