Overview

• Spain’s INE flash estimate shows CPI at 2.9% in September, driven by electricity and fuels, while core inflation eased to 2.3% year over year.
• Argentine consultoras estimate September CPI around 2.0%–2.3% month on month, pointing to a modest interruption in earlier disinflation.
• Orlando J. Ferreres & Asociados reported 1.8% monthly and 30.5% annual inflation for Greater Buenos Aires, with core at 1.1%.
• October will add price pressures: the BCRA’s ICL implies a 46.1% annual rent reset for legacy leases, bus fares in CABA and Buenos Aires province increase about 3.9%, and telecom, prepaid health and utilities update tariffs.
• Fuel prices are slated to rise due to liquid fuel and CO2 tax updates, and CAC data show household consumption fell in August by 0.5% year on year and 0.6% versus July.