According to surveys, January marked a slowdown compared to the 2.8% recorded in December, interrupting the upward trend observed since mid-2025. The price variation in the first month of the year ranged between 2.2% and 2.6%, implying a slower pace of advance but still high levels by historical standards. The monthly decline cut a streak of sustained increases that deepened since September, when inflation rose above 2% again. The report from consulting firm Equilibra estimated January inflation at 2.2%, with an annual variation close to 32%. From the entity, they warned that the pass-through to prices of that loss of value of the peso will take time, although they estimate its impact should be decreasing as a greater proportion of goods and services have already incorporated it. Meanwhile, the retail price survey by consulting firm C&T for the Greater Buenos Aires region showed a monthly increase of 2.4% in January, which also implied a break in the upward trend of previous months. According to that measurement, the increase was led by the vegetables category, while meats continued to show significant rises, around 3.6% monthly, although without new accelerations compared to previous months. At a slightly higher level, the Libertad y Progreso Foundation estimated that monthly inflation closed at 2.6%, with an annual variation of 32.1%. Meat also played a determining role, with increases close to 5%, although it was the lowest rate since last October, which partially contributed to moderating general inflation. Overall, private estimates suggest that January brought relative relief in the inflationary dynamic, although prices continue to grow at a high pace and still far from a sustained stabilization, in a context of sensitive economic expectations and structural factors that continue to pressure the general price level. Sources consulted: Noticias Argentinas, Equilibra, EcoGo Consultores, Fundación Libertad y Progreso, C&T Asesores Económicos. Nevertheless, they expressed a more optimistic outlook for the future and projected that from February, the annual deceleration process could resume. When analyzing the causes of price behavior in recent months, the foundation explained that the slight inflationary acceleration responds to a fall in peso demand associated with electoral uncertainty, which led to a depreciation of the currency. With this data, the annual IPC would have reached 29.2%, according to its calculations. The C&T report highlighted that the food and beverage category had the highest increase in the month, with a rise of 4.1%, driven mainly by a strong increase in vegetables. This movement, they indicated, first impacted exchange rates and then the prices of tradable goods, particularly food and beverages. Senior economist Gonzalo Carrera explained that the monthly slowdown responded to three central factors: a moderation in non-seasonal food and beverages, driven by greater calm in meat prices; a drop in regulated prices after the strong adjustments of December in public transport, fuels, and tobacco; and the stability of the dollar, which contributed to lowering the price of certain core goods. Meanwhile, EcoGo Consultors calculated that inflation in food and beverages reached 2.5% in January. In its analysis, the main increases were recorded in restaurants and hotels (3.8), miscellaneous goods and services and non-alcoholic food and beverages (both with increases of 3.1), and health (2.8). Buenos Aires, February 2, 2026 – Total News Agency-TNA – Inflation at the start of 2026 showed a moderation compared to the end of last year, although without managing to break the 2% monthly threshold, according to estimates from various private consulting firms. From the entity, they pointed out that this record shows an annual acceleration for the third consecutive month, in line with the dynamics observed since October.
