Argentina | January inflation was 2.2% MoM, the lowest since July 2020

Summary

anuary inflation was 2.2% MoM (84.5% YoY), in line with expectations (BBVA: 2.3% and REM-BCRA: 2.3%) and down from 2.7% in December.

Key points

• Key points:
• Core inflation was 2.4% monthly (75% YoY), decelerating 0.8 percentage points (p.p.) from December's value.
• The heterogeneous behaviour between goods and services continued, with the former rising 1.5% monthly (65% YoY) and the latter 3.8% monthly (152% YoY). The recovery in real wages and the ongoing economic recovery are supporting the increase in services.
• For February we expect inflation to be similar to January. We maintain our inflation forecast for 2025 at 30%.

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