Overview
- InDEC reported a 2.4% monthly increase in December wholesale prices, a second straight acceleration from November’s 1.6%, versus a 2.8% rise in consumer prices that month.
- December’s move was driven by national goods up 2.4% and imports up 1.7%, with the strongest incidences from refined petroleum products, food and beverages, crude oil and gas, vehicles, and agricultural goods; electricity showed a negative variation.
- Wholesale prices rose 26.2% in 2025 after 67.1% in 2024, marking the lowest annual reading since 2017, while import prices rose far less than the official dollar’s 41.2% increase.
- The Economy Ministry and Minister Luis Caputo attributed the annual slowdown to fiscal surplus, tight control of money, BCRA recapitalization, and deregulation measures.
- Private analysts highlighted the December rebound and noted the wholesale–retail gap stems from services’ weight in the CPI, projecting January consumer inflation near 2.0%–2.6% and cautioning that disinflation could be gradual.