During the last year of the Kirchnerist government, wholesale inflation was 276.4%
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Wholesale inflation recorded an increase of 2.4% in December and closed 2025 with an accumulated rise of 26.2%, the lowest level in the last eight years, thanks to the Government's successful economic plan led by Javier Milei.
In 2023, the last year of the Kirchnerist government, wholesale price increases had reached 276.4%. After taking office, the current libertarian administration managed to reduce it to 67.1% in 2024, and now once again in 2025.
The data were published by the National Institute of Statistics and Censuses (Indec), which also detailed that the index remained below consumer inflation, which reached 31.5% in the same period.
Javier Milei y Luis Caputo.
According to the official agency, the Domestic Wholesale Price Index (IPIM) showed an acceleration of 0.8 percentage points in December compared with the 1.6% recorded in November. Despite that monthly movement, the annual evolution reflected a marked deceleration compared with the previous year.
In the year-on-year comparison, Indec's report indicated that wholesale inflation in 2025 implied a contraction of 40.9 percentage points compared with the 67.1% accumulated during 2024. In addition, the annual result became the lowest since 2017, when IPIM had recorded an increase of 18.8%.
December wholesale inflation
The behavior of prices during the last month of the year was explained by increases in both domestic and imported products. According to the official survey, domestic wholesale prices rose 2.4%, while imported products showed an increase of 1.7%.
Within domestic products, the categories that had the greatest impact on the variation of the index were refined petroleum products, with an impact of 0.70%, followed by food and beverages (0.38%), crude oil and gas (0.24%), vehicles and auto parts (0.23%), and agricultural products (0.21%).
Datos del INDEC sobre la inflación mayorista.
In parallel, Indec reported that the Domestic Basic Wholesale Price Index (IPIB) recorded an increase of 2.2% in December. In this case, the increase was explained by variations of 2.2% in domestic products and 1.8% in imported products.
Meanwhile, the Producer Basic Price Index (IPP) posted an increase of 2.4% during the last month of 2025. This result was driven by a rise of 2.8% in primary products and 2.3% in manufactured products and in electric power.
The Ministry of Economy stated that the deceleration of wholesale inflation is due to the course adopted by Milei's Government. In a statement, officials noted: "The decline in wholesale inflation was possible thanks to the Government program that prioritized the fiscal surplus, the strict control of the money supply, the recapitalization of the BCRA, and a series of measures to deregulate trade that made it possible to reduce unnecessary costs for the private sector".
As in the case of wholesale prices, the annual result of the consumer CPI also represented the lowest level since 2017, consolidating a deceleration trend throughout the year.
