Argentina | February inflation exceeded expectations, driven by administered prices.

Summary

The monthly reading mirrored the figures from January, albeit with a shift in composition: in February, core inflation and regulated prices served as the primary drivers, while seasonal prices acted as a ceiling against further acceleration. Consequently, we have revised our 2026 inflation projection upward to 24%.

Key points

• Key points:
• The stickiness of inflation in recent months has occurred against a backdrop of realigning relative prices, with regulated prices rising by 3 percentage points more than core inflation since last August.
• We have revised our 2026 forecast upward to 24%.

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