“Inflation trend from May to December. It did not stop rising. Even so, annually it was 31 something, the lowest in years,” he described Eduardo Feinmann in his personal X account. The journalist accompanied the message with a comparative table of the CPI on inflation in 2025, from May, with just 1.5 in the index, until December, closing at 2.8. Although economic analysts warn that inflationary pressures persist, especially in items such as transportation and food.
He Consumer Price Index (CPI)which measures the variation in prices of a representative basket of goods and services in Argentina, showed in December 2025 a monthly increase of 2.8%leaving the annual accumulated in 31.5%the lowest figure recorded in eight years according to official data from the National Institute of Statistics and Censuses (INDEC). This result marks a significant slowdown compared to the 117.8% annually in 2024.
The truth is that throughout 2025, the behavior of the CPI reflected a downward trend from higher levels at the beginning of the year. Measured month by month, January closed with 2.2%March with 3.7% and other months such as May and June recorded more moderate figures of 1.5% and 1.6%respectively, which contributed to the progressive fall in interannual inflation from values higher than 80% at the beginning of the year to the surroundings of 31% at the end of the year. This slowdown process was highlighted by the government as a sign of price stabilization in the Argentine economy, although it also reflected the volatility of some key items and continued tensions in domestic markets.
International economic experts and comparative data show that Argentina’s annual inflation remains high in historical terms and compared to other countries in the region, but that the downward curve of the CPI during the past year represents a change in dynamics with respect to the extreme inflation levels observed in previous years. While in 2024 the CPI ended close to 117.8% year-on-yearin 2025 the slowdown allowed the year to close around 31%which positions Argentina in one of its lowest inflationary records in the last decade, although far from more ambitious stability goals and with persistent challenges for economic policy.
In dialogue with Noticias, the expert and consultant Yanina Lojo highlighted: “The acceleration of inflation in December generated noise in the public debate, but a reading with a historical perspective allows us to understand that a higher monthly record does not necessarily imply a change of regime. In economies with high nominality, the deceleration processes are not linear and usually coexist with episodes of transitory tension.”
“In 2023, annual inflation closed at 211.4%, the highest level in more than three decades. The figure for December 2023 was 25.5%, reflecting a scenario of strong correction of the exchange rate, liberalization of regulated prices and a marked unanchoring of expectations. Two years later, 2025 closed with an annual inflation of 30.0%, the lowest record since 2017, when the index had marked 24.8%. In December 2025, monthly inflation was 2.8%, showing an acceleration compared to previous months. In inflation, the regime is not defined by a month, but by the trend that is consolidated over time,” said the specialist and master in Finance from the UADE.
For the Lojo Consulting specialist, the electoral calendar was one of the factors that explain the nominal acceleration at the end of the year. The provincial elections in the province of Buenos Aires, held in September 2025, introduced an increase in uncertainty that was transferred to the exchange market. And it dragged with impact until December. In an economy with high indexation and inflationary memory, movements in the exchange rate usually precede prices. “In Argentina, expectations usually move before prices, and prices before data,” he stressed.
“Added to the exchange rate tension was the adjustment of public service rates. The effect was twofold. On the one hand, it directly impacted the consumer price index through higher expenses in energy, transportation and regulated services. On the other, it raised costs in the productive chains, especially in sectors intensive in energy and logistics. In households, the rate recomposition reduced the margin to absorb other increases, reinforcing the inflationary perception, even when annual inflation continued to slow down,” he said. Lojo.
Finally, the financial expert projected that it could happen this coming year. Yanina Lojo concluded: “By 2026, the Government projects inflation of 10%, while private estimates average close to 20%. From a technical perspective, reaching one digit will require maintaining fiscal balance, avoiding episodes of exchange volatility and deepening the deindexation of prices and salaries. In this context, an intermediate scenario appears today as the most consistent with the observed dynamics. Lowering inflation is a decision; sustaining its deceleration is a policy. The comparison between 2023 and 2025 shows that the deceleration process is still in force, although conditioned by electoral, tariff and seasonal factors. In inflation, isolated data says little;
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