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2h ago

Inflation Data Close the Year: Argentina’s Disinflation Hits a Snag as Spain Confirms 2.9% in December

Core pressures and a new CPI basket that weights services more point to a slower, bumpier disinflation path in early 2026.

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Una tienda de la cadena de supermercados DIA.
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Overview

  • Argentina’s INDEC reported a 2.8% monthly CPI rise in December, closing 2025 at about 31.5% annually, the lowest since 2017.
  • Core inflation ran near 3% in December, with regulated prices, fuels and services driving the uptick, reinforcing concerns about persistent underlying pressures.
  • From January, Argentina’s CPI adopts updated weights that give services a larger share, a change that could nudge monthly prints higher and complicate short‑term comparisons.
  • Analysts highlight tariff adjustments, exchange‑rate risks and heavy 2026 debt rollovers as key threats, and most project annual inflation near the mid‑20s versus the government’s 10.1% target.
  • Santa Fe logged 2.6% inflation in December and 33% for 2025, with food up 3.8% and meats 8%, while Spain’s INE confirmed 2.9% year‑over‑year in December and a 2.7% average for 2025, with Murcia at 2.4% and Castilla‑La Mancha at 2.7%.