In this context, the moderation in food prices appears as a central factor to explain the halt in inflation. The initial data for May also reflects some stability in key categories.
According to surveys from private consultancies, the Food and Beverage segment showed minimal variations in the first week of the month. EconViews recorded a slight deflation of 0.1%, while LCG detected no increases, and Analytica estimated a marginal rise of 0.3%.
In the same vein, the latest report from EcoGo projected that overall inflation could be around 2.2% monthly, although it clarified that this is a preliminary estimate subject to adjustments.
Thus, the April data consolidates a slowdown in the pace of price increases, thanks to the successful economic program of Milei's government.
In general terms, the CPI accumulated a rise of 12.3% in the first four months of the year, while the year-on-year variation stood at 32.4%. Within the categories, regulated prices led the increases with 4.7%, driven by hikes in transportation and public utility rates, while core inflation was 2.3%.
One of the most significant pieces of information regarding the April inflation, which stood at 2.6% and confirmed a slowdown from the 3.4% recorded in March, was related to the behavior of the food and non-alcoholic beverages category, crucial due to its direct impact on the cost of living.
This segment recorded a barely 1.5% increase at the national level, the lowest since August 2025, when it was 1.4%.
The slowdown is significant not only because of the magnitude of the number but also because food had been one of the main drivers of inflation in recent months. In April, however, they not only grew below the general index but also ranked among the divisions with the least variation across the country.
INDEC data.
The phenomenon was even more pronounced in the Greater Buenos Aires, where food prices increased only 1.2%, reaching their lowest level since June 2025 (0.9%). This data is particularly relevant as it pertains to the region with the highest concentration of population and consumption, amplifying its impact.
Poverty and inflation
The improvement also extended to the indicators measuring the income levels necessary to avoid falling into poverty or indigence. The Basic Food Basket (CBA), which establishes the indigence line, recorded a 1.1% increase in April, the smallest increase since August of last year (1%).
Meanwhile, the Total Basic Basket (CBT), which determines the poverty line, increased by 2.5%, marking its lowest variation since September 2025 (1.4%). Both indicators directly reflect the impact of the slowdown in food prices on living conditions.
