Argentina Inflation Slips to 31.3% Year Over Year, Lowest Since 2018

Overview

• Consumer prices rose 2.3% in October, up from 2.1% in September, according to Indec.
• The 12‑month rate eased to 31.3%, the lowest annual pace since July 2018 and down from 31.8% in September.
• Transport posted the biggest monthly increase at 3.5%, followed by housing, water, electricity and gas at 2.8%, while household equipment and recreation each rose 1.6%.
• The release is the first CPI report since President Javier Milei’s party won key legislative races, as his subsidy removals and fiscal tightening continue to influence prices.
• Argentina’s stabilization push includes a US$20 billion swap formalized with the United States and a further US$20 billion pledged, while Brazil’s Finance Ministry cut its 2025 forecasts to 2.2% GDP growth and 4.6% IPCA inflation due to high interest rates.