Argentina | June's inflation printed at 1.9% m/m, the lowest in ten months

Summary

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.

Key points

• Key points:
• Core inflation in June was 1.6% m/m (32% y/y), the lowest figure in the last 11 months, averaging 1.9% m/m in 2Q26.
• Regulated prices increased by 2.3% m/m (45% y/y), with the main increases in "Housing, water, electricity, gas and other fuels" (+3.3% m/m) and "Health" (+2.9% m/m).
• Seasonal prices rose by 3.4% m/m (24% y/y), due to a significant increase in vegetables (+7% m/m), which contributed 0.2 p.p. to the month's inflation.
• The "Recreation and Culture" category saw the largest increase during the month (+4.2% m/m), while "Food and Non-Alcoholic Beverages" only increased by 1.3% m/m.
• July inflation is expected to be 1.9% m/m, and year-end 2026 inflation is projected to close at 29% y/y, with a monthly average of 1.7% in the second half.

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