Argentina inflation — monthly and year-over-year CPI
Monthly and year-over-year CPI inflation for Argentina. Source: INDEC via argentinadatos.com. 12-month moving average, annualized pace and full history.
What the Argentine CPI measures and how to read it
Argentine CPI inflation is published monthly by INDEC and tracks the change in the price of a basket of goods and services representative of urban household consumption. Usually published around the 13th of each month.
Two figures matter: monthly (change vs the previous month) and year-over-year (change vs the same month last year). A 12-month average, annualized, is useful when the YoY is still dragging along prior-regime prints.
For a retail saver, inflation is the hurdle rate any peso investment must beat — time deposit, CER bond or LECAP — to preserve purchasing power. For the BCRA, it drives rate and FX policy. For the Treasury, it sets the real peso value of CER / BONCER coupon payments.
Common questions
What is Argentina's inflation today?
The latest monthly and year-over-year CPI prints are shown above, along with the last-12-months average and the annualized rate implied by it.
What is the difference between monthly and YoY inflation?
Monthly is the change vs the prior month (small number, e.g. 2-5%). YoY compares against the same month last year (large number, compounds 12 monthly prints). A regime change shows up first in monthly; YoY takes ~12 months to fully reflect it.
What is Core CPI?
INDEC publishes variants: Headline, Core (excludes seasonal and regulated prices), and sub-indices like Food, Housing, Apparel, etc. Core reflects the underlying trend better, without noise from tariff changes or produce prices.
How does inflation connect to CER/BONCER bonds?
CER-linked bonds adjust their principal by CER, which tracks CPI with a lag. If you hold a CER bond, your real payout depends on future inflation — higher inflation means more principal accrual in nominal terms.
Can expected inflation help decide LECAP vs CER?
Yes. If you expect inflation to fall faster than the market prices in, LECAPs (fixed rate) outperform CER. If you expect higher inflation, CER protects better. The breakeven comes from comparing LECAP yield vs implied CER inflation on the curve.
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