Overview
- Official data show 2025 inflation at 31.5%, the lowest since 2017, but December rose 2.8% month over month with core near 3%, signaling persistent inertia.
- The Central Bank logged nine straight days of FX purchases, accumulating about USD 562 million so far in January as the official dollar eased and risk indicators improved.
- From January, INDEC’s updated CPI basket increases the weight of services, a change that economists say could mechanically nudge monthly readings higher.
- Key risks highlighted by analysts include a faster exchange-rate or tariff adjustment and a heavy debt rollover near USD 20 billion that could strain the disinflation path.
- Markets show renewed appetite for carry-trade strategies and inflation-linked assets, and the IMF’s spokesperson welcomed Argentina’s recent reserve-building efforts while investors await the 2025 fiscal result.