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Argentina Retail Volumes Fall Again in September, INDEC Finds

Nominal gains reflect inflation, not a rebound in volumes.

Overview

  • Wholesale cash-and-carry volumes fell 13.1% year over year in September, with a 5.2% monthly drop on a seasonally adjusted basis and a 7.4% decline for January–September versus 2024.
  • Shopping centers posted a 3.4% year-on-year contraction in real sales, confirming continued softness in discretionary spending.
  • Supermarket volumes decreased 0.8% year over year, the seasonally adjusted index slipped 0.2% from August and the trend-cycle fell 0.4%, though year-to-date real sales still show a 2.7% increase.
  • At current prices, supermarket takings rose 23.8% year over year to ARS 1.962 trillion, led nominally by apparel and home textiles (+53.4%), meats (+45.2%) and prepared foods (+35.2%).
  • Cards dominated supermarket payments, with credit at 44.1% and debit at 26.4%, while cash was 16.2% and other digital methods reached 13.3% with the fastest nominal growth.