Argentina | Monthly inflation rate rose to 3.4% in March, the highest level in a year.

Summary

March inflation reached 3.4% m/m (32.6% y/y, with a year-to-date cumulative total of 9.4% for 2026), exceeding market expectations (REM-BCRA: 3.0% m/m) for the sixth consecutive month.

Key points

• Key points:
• Core inflation stood at 3.2% m/m (34% y/y), accelerating from the 3.1% m/m recorded in February.
• The ongoing conflict in the Middle East, coupled with current monetary and reserve policies, has led us to revise our 2026 inflation forecast upward to 29%.

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