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 2013 to 2022.
Source: INDEC Argentina.
Argentina Inflation Data
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 34.3 | 53.5 | 42.0 | 48.4 | 72.4 |
| Inflation (CPI, ann. var. %, eop) | 47.6 | 53.8 | 36.1 | 50.9 | 94.8 |
| Inflation (WPI, ann. var. %, eop) | 73.5 | 58.5 | 35.4 | 51.3 | 94.8 |
Inflation comes in at highest level since our records began
Inflation came in at 142.7% in October, up from September’s 138.3%. October's figure was the highest inflation rate since our current records began. The trend pointed up, with annual average inflation coming in at 115.5% in October (September: 110.5%). Lastly, consumer prices increased 8.30% over the previous month in October, below September's 12.75% rise. October's result marked the weakest reading since July.
Commenting on the release, Andres Perez and Diego Ciongo, analysts at Itaú, stated: “We maintain our inflation forecast at 200% by year-end. In our view, the deceleration of month-over-month inflation is transitory, as we still expect an adjustment of the exchange rate this year, leading to higher inflation ahead. We also still foresee the monetary policy rate at 145% for year-end, but we don’t expect changes this week, given the deceleration of inflation and the coming runoff election.”
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.