Argentina | Inflation was 3.5% MoM in September, the lowest monthly level in 34 months

National inflation was 3.5% MoM (209% YoY) in September, in line with the average expectation of market analysts (BCRA consensus: 3.5%). This is the first time since Feb-22 that monthly inflation has breached the 4.0% floor.

Key points

• Key points:
• Core inflation stood at 3.3% MoM (198% YoY), decelerating for the first time since May. This is an encouraging sign for the ongoing disinflationary process.
• Given the government's conviction to maintain the current exchange rate regime (with a crawling peg of 2% MoM) for longer than initially expected, we lower our annual inflation forecast for Dec-24 to 125% (previously, 130%).

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