Argentina's national inflation in July was 2.1% month-on-month (33.8% y/y), exceeding expectations. This acceleration was mainly driven by seasonal price dynamics during the winter holidays. The 2026 inflation forecast is maintained at 29%, with an upward bias.

June's inflation in Argentina was 1.9% monthly, marking the third consecutive slowdown and the lowest level in ten months. This figure, slightly below expectations, brings the year-to-date accumulation to 16.8%. The 2026 inflation forecast is maintained at 29%, with a downward bias.