Overview

• The CAC’s Indicador de Consumo fell 0.1% month on month in July on a seasonally adjusted basis and rose 1.1% from a year earlier.
• The chamber attributed the loss of momentum to currency and interest‑rate volatility that is discouraging credit‑financed purchases and lowering card balances.
• Clothing, recreation and transport led interannual gains, with apparel up 16.6%, recreation up 8% and transport up about 7%.
• Overall consumption remained 2.8% below 2023 levels and 1.7% under the 2018 reading, signaling a still fragile backdrop.
• Inflation registered 1.9% month on month and 36.6% year on year in July, wages tracked prices without real gains, and reporting notes the most vulnerable households’ disposable income is down roughly 10% since Milei took office.