Argentina | Inflation was 11% in March and decelerated more than expected once again.

Summary

March CPI rose 11.0% m/m and inflation marked the third consecutive monthly deceleration. The exchange rate anchor, the calm of the parallel exchange rates, the fiscal and monetary astringency and the drop in the level of activity are the main factors that explain this result.

Key points

• Key points:
• Core inflation was 9.4% m/m (300% y/y) and returned to single-digit monthly variation for the first time since Oct-23.
• Regulated prices (18.1% m/m, 293% YoY) led increases in March and will continue to drive inflation in April.
• We maintain our inflation expectation for 2024 at 175%.

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