Overview

• The IPIM rose 2.8% in July as imported goods jumped about 5.7% and domestically produced items advanced roughly 2.6–2.8%, according to INDEC.
• Wholesale inflation accelerated from 1.6% in June and now totals 12.3% in 2025 with a 20.9% year-over-year increase.
• The July wholesale reading exceeded the 1.9% consumer inflation rate, highlighting a gap that can foreshadow pressure on retail prices.
• Economists link the move to a roughly 7% rise in the wholesale dollar between mid-June and mid-July that fed quickly into import costs.
• Government authorities tightened monetary policy to reduce currency pressures, as sectors such as agriculture, chemicals, refined petroleum, vehicles, and foods led the wholesale gains.