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Argentina Inflation Seen Re-Accelerating to About 2% in September as Buenos Aires Hits 2.2%

The national CPI for September will be published on October 14.

Overview

  • The central bank’s REM survey now projects a 2.1% monthly inflation rate for September, up 0.3 percentage points from the prior survey.
  • Private estimates cluster between 1.8% and 2.3% for September, including LCG and Eco Go at 2.3%, C&T at 2.0%, and OJF at 1.8%.
  • Buenos Aires City’s official CPI rose 2.2% in September, with goods up 2.3% and services up 2.1%, led by increases in transport, housing, and food.
  • Analysts cite exchange-rate volatility and a roughly 5% rise in the official dollar as drivers of a modest price pass-through compared with August.
  • REM participants lifted their 2025 inflation outlook to 29.8%, see sub‑2% monthly prints returning from January 2026, and forecast Q3 GDP down 0.6% quarter-on-quarter.