Overview
- The national statistics agency INDEC reported on Friday that the Index of Wholesale Internal Prices (IPIM) rose 1.1% in June, the lowest monthly increase in four months and the smallest June change since the series began in 2015.
- The June result reflected a 1.0% rise in domestic goods and a 2.3% rise in imports, with higher prices for chemicals, agricultural inputs, refined petroleum and a 6.6% jump in electricity offset by a sharp drop in crude oil and gas that subtracted 0.56 percentage points from the index.
- The IPIM accumulated a 15.6% gain in the first half of 2026 and a 33.7% year‑on‑year increase, while consumer inflation in June was 1.9%, indicating wholesale costs are easing relative to retail prices.
- Construction costs in Greater Buenos Aires accelerated to 2.6% in June driven by a 3.3% rise in labor from a UOCRA wage deal and higher general expenses from tariff updates, a dynamic that could keep some consumer prices sticky.
- Private consultancies flagged short-term risks to the disinflation trend, citing a June fiscal shortfall versus the IMF target, elevated bank loan delinquency around 12.7%, and weak private credit as constraints on a sustained recovery in household spending.