Inflation in Argentina was 31.5% in 2025, the lowest rate in eight years, according to data from the National Institute of Statistics and Census (Indec) released this Tuesday (13).
This is the second consecutive year in which price rises ended the year in deceleration, thanks to the strict fiscal adjustment and monetary discipline policies implemented by the government of President Javier Milei, who arrived at Casa Rosada at the end of 2023.
According to official data, the annual inflation rate recorded in 2025 is the lowest since 2017, when inflation was 24.8%, and represents a significant slowdown from the levels of 211.4% in 2023 and 117.8% in 2024.
“This drop is not only significant in its magnitude, but also assumes particular historical relevance: the last time the Argentine economy experienced two consecutive years of falling annual inflation was between 2007 and 2009,” highlighted Maximiliano Gutiérrez, head of the currency and exchange area at Fundación Mediterránea, in a report.
However, Argentina accumulated four consecutive months of accelerating monthly inflation in December.
“In the last quarter of the year, inflation showed high levels. However, we expect that, from January onwards, inflation will begin to fall again, consolidating the disinflation process resulting from fiscal balance,” Iván Cachanosky, chief economist at Fundação Libertad y Progreso, told EFE.
Gutiérrez noted that “a disinflation process is never linear”, but, on the contrary, it presents “dynamics in which it accelerates for a few months and then resumes its downward trend”.
“In this sense, it cannot be ignored that the months of September and October were marked by profound political uncertainty, conditioning price trends in the last quarter”, highlighted the expert.
The most recent private projections, compiled monthly by the Central Bank of Argentina, indicate that the country’s annual inflation is expected to be 20.1% in 2026.
If confirmed, this rate would be double the 10.1% variation that the Milei administration predicted in its budget proposal for this year, but there are other private projections that corroborate the government’s optimism.
