Consumer prices rose by 1.37% m/m, lower than both our expectation and the consensus (1.5%), driving annual inflation down to 35.05%. Given the positive surprises of the last 3 months, we underline a high likelihood of a year-end consumer inflation below 30%.

Hard data realizations so far confirm the slowdown in activity in 2Q25 while domestic demand conditions continue to moderate. We maintain our 2025 GDP growth forecast of 3.5% despite the downside risks, assuming an effective policy mix targeting a smooth adjustment.