Argentina | July inflation was 4.0% m/m, the lowest of the year, in line with expectations

July national inflation was, as expected, the lowest of the year (4.0% m/m, 263.4% y/y). It was in line with market forecasts (BBVA: 4.1% m/m, Central Bank consensus: 3.9% m/m), although slightly above the Central Bank's forecast (3.7% m/m).

Key points

• Key points:
• Core inflation was 3.8% m/m (257.9% y/y) and remains at this level for the third consecutive month (it had been 3.7% m/m in May and June).
• We set a downward bias to our current 135% y/y forecast for annual inflation in 2024.

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