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Argentina Inflation July 2024

Argentina: Inflation declines to lowest level since January in July

Inflation fell to 263.4% in July from June’s 271.5%. July’s result marked the weakest inflation rate since January. The moderation was broad-based, with reduced price pressures recorded for transportation, food and non-alcoholic beverages, and restaurants and hotels.

The trend pointed up, with annual average inflation coming in at 236.0% in July (June: 225.5%).

Lastly, consumer prices increased 4.03% in July over the previous month, slowing down from the 4.58% rise logged in June and roughly in line with market expectations. July’s result marked the weakest reading since January 2022.

On the near-term outlook, BBVA analysts said:

“Although core inflation is showing some signs of resistance to a decline, the initial data available for August points to a monthly slowdown. The announcements of regulated price increases for the current month (tariffs, fuel, healthcare, education, and transportation, which could rise by around 37% in Greater Buenos Aires) would keep overall inflation above the core inflation rate. Considering these factors, we expect the monthly inflation for August to continue decreasing and settle around 3.8% month-over-month, leading us to impose a downward bias on our forecast of 135% for the annual inflation rate in 2024.”

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