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Argentina Inflation Ends 2025 at 31.5% as Food and Beef Drive Late-Year Acceleration

New CPI methodology starts in January, with market forecasts near 24% for 2026 versus the 10.1% official target.

Overview

  • INDEC confirmed December inflation at 2.8% month over month, marking an eighth straight monthly pickup and a 31.5% annual rise for 2025.
  • Food led December increases nationwide, with key beef cuts up about 71% over the year and Santa Fe reporting a 3.8% monthly jump in food prices.
  • City and national price measures diverge at the product level, with gaps reaching roughly 40% for potatoes and about 36% for ground beef between Idecba and INDEC readings.
  • From January, the updated CPI based on ENGHo 2017/18 boosts weights for services and transport and, according to private estimates, lifts Milei-era cumulative inflation to near 270%.
  • A FocusEconomics survey centers 2026 inflation near 24%, far above the 10.1% budget assumption, with risks tied to exchange-rate adjustments, utility tariffs and debt rollover.