July inflation was 1.9%, and there was no pass-through despite the increase in the dollar.

Javier Milei and Luis Caputo

porEditorial Team

Argentina

Javier Milei's government has achieved three consecutive months with increases below 2% per month

The National Institute of Statistics and Censuses (INDEC) published the Consumer Price Index (CPI) for July 2025 this Wednesday, showing a monthly increase of 1.9%.

With this figure, accumulated inflation in the first seven months of the year reaches 17.3%, while year-on-year inflation fell to 36.6%, marking a sustained trend of deceleration. In comparison, monthly inflation in July 2024 was 4%. Additionally, core inflation was 1.5%, for goods 1.4%, while a variation was recorded in seasonal categories of 4.1% and in regulated items of 2.3%.

The monthly increase was concentrated in the Recreation and Culture division, which recorded a rise of 4.8%, while the division with the lowest variation was Clothing and Footwear, with a decrease of 0.9%. Meanwhile, Food and Non-Alcoholic Beverages posted an increase of 1.9%, aligning with the general monthly average.

The National Institute of Statistics and Censuses (INDEC) published the Consumer Price Index (CPI) for July 2025 this Wednesday, showing a monthly increase of 1.9%.

Despite the fact that the dollar rose by 6.3% in July, monthly inflation remained at 1.9%, confirming President Javier Milei's predictions: there was no pass-through effect, meaning the increase in the exchange rate was not automatically passed on to consumer prices, reaffirming the effectiveness of the monetary policy implemented by his administration.

Previously, private consulting firms had incorrectly anticipated inflation above 2% for July, something the official figure showed was not the case. The series of three consecutive months with increases below 2% monthly reflects that the Argentine economy is entering a period of greater price stability and is on the path to zero inflation.

This way, the July figure shows that inflation in Argentina continues below 2% monthly, with a significant year-on-year reduction, and that the policies implemented by the Government of Javier Milei continue to show positive results. The official expectation is that, if this pace is maintained, inflation could approach levels close to 0% by 2026, fulfilling the projections set out by the Argentine president.

July inflation was 1.9%, and there was no pass-through despite the increase in the dollar.

July inflation was 1.9%, and there was no pass-through despite the increase in the dollar.

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