Argentina | Inflation in April was 2.8% m/m, lower than expected

Summary

April national inflation was 2.8% m/m (47.3% y/y), placing it below expectations (REM-BCRA: 3.2% m/m, BBVA Research: 3.4%) as a result of a more virtuous exchange rate dynamics -post easing of restrictions- than initially expected.

Key points

• Key points:
• Core inflation was 3.2% m/m (46.9% y/y), maintaining the same level as in March and above the monthly average of the last six months (2.9%), reflecting still persistent underlying pressures.
• Administered prices grew 1.8% m/m (57.4% y/y), slowing down from 3.2% m/m in March, but the sharpest movement was in seasonal prices, which went from a monthly inflation of 8.4% in March to 1.9% in April.

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