Argentina:
Inflation came in at 124.4% in August, up from July’s 113.4%. August’s figure represented the highest inflation rate since our...
Inflation in Argentina
Between 2013 and 2022, Argentina faced rampant inflation, consistently recording one of the highest rates in the world. The inflation rate, often exceeding 30% annually, was fueled by economic instability, currency devaluation, and fiscal deficits. This trend worsened over the years, with inflation soaring to over 50% by 2022. The government's efforts to stabilize prices through monetary and fiscal policies had limited success, as structural economic challenges and external factors continued to exert upward pressure on prices.
Consumer price inflation averaged 38.8% in the ten years to 2022 in Argentina, significantly above the Latin America regional average of 8.4%. The 2022 average figure was 72.4%. For more inflation information, visit our dedicated page.
Argentina Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Argentina from 2019 to 2018.
Source: Macrobond.
Argentina Inflation Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 53.5 | 42.0 | 48.4 | 72.4 | 133.5 |
| Inflation (CPI, ann. var. %, eop) | 53.8 | 36.1 | 50.9 | 94.8 | 211.4 |
| Inflation (WPI, ann. var. %, eop) | 58.5 | 35.4 | 51.3 | 94.8 | 276.4 |
Inflation drops to lowest level since January in June
Inflation eased to 271.5% in June, following May’s 276.4%, amid lower price pressures for food and transport. June's figure marked the lowest inflation rate since January, and was below market expectations. The trend pointed up, with annual average inflation coming in at 225.5% in June (May: 213.4%). Lastly, consumer prices increased 4.58% over the previous month in June, accelerating from May's 4.18% rise but well below market forecasts of 5.2%. Sustained fiscal tightening, weak domestic demand and controlled currency depreciation in the official market have all helped rein in price pressures so far this year.
On the data and outlook, Itaú Unibanco analysts said: “The stabilization program continues to deliver better-than-expected results on the nominal adjustment of the economy. In this context, consistent downside surprises to inflation, a stronger ARS, and weaker activity led us to lower our inflation forecast to 130% for YE24 (from 140%).”
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Argentine inflation projections for the next ten years from a panel of 45 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Argentine inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Argentine inflation projections.
Want to get access to the full dataset of Argentine inflation forecasts? Send an email to info@focus-economics.com.
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