Argentina | Low impact of exchange rate movements on August inflation

Summary

National inflation in August was 1.9% month-on-month, remaining at the same level as the previous month despite the full impact of exchange rate and interest rate movements at the end of July. This was slightly below analysts' expectations.

Key points

• Key points:
• Core inflation rose to 2.0% MoM (36.1% YoY), increasing 0.5 p.p. compared to the previous month.
• Regulated prices rose 2.7% in the month (+37.8% YoY), while seasonal prices experienced deflation for the third time in the last four months (-0.8% MoM; +12.0% YoY).
• We raised our 2025 inflation forecast from 28% to 30% annually, after recent exchange rate movements.

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