Argentina | January inflation exceeded expectations, driven by food price dynamics

Summary

Food prices drove headline inflation for the month, while seasonal components hit a 10-month high. Increased forward-looking inertia has prompted us to revise our 2026 projection from 20% to 22%.

Key points

• Key points:
• Core inflation breaks upward trend despite pressure from food prices.
• We have revised our 2026 forecast upward to 22%.

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