Argentina closed 2025 with an annual inflation rate of 31.7%, the lowest in the last eight years, according to the National Institute of Statistics and Censuses (INDEC). Monthly inflation for December was 2.8%. Although the general level is significantly lower than in previous years, the disinflation process lost momentum in the final months of the year. The government celebrated this result as one of the main achievements of its economic management. However, experts warn that reaching the 2% target will require maintaining very strict macroeconomic conditions and limiting the impact of pending adjustments, especially on tariffs. A cause for concern was the behavior of core inflation, which excludes regulated and seasonal prices. In December, it advanced 3%, reaching 2.8% annually, indicating that structural tensions in the price dynamic persist. President Javier Milei publicly highlighted the drop in inflation and congratulated Economy Minister Luis Caputo. The strongest impact on inflation came from increases in regulated services, in line with the tariff adjustments applied during 2025, and the rise in meat prices, which increased by over 12%. Transport led the monthly increases with a 4% rise, driven by tariff updates. This figure equaled the April record and became the highest monthly figure in the last seven months. The government celebrated the annual result. After a first semester of marked deceleration, inflation resumed a path of gradual increases starting in June.
