Consumer prices in Argentina increased by 2.9% month-on-month in January 2026, slightly above December’s 2.8% rise and surpassing market expectations of 2.5%. Inflation dynamics were mixed across categories. Price growth slowed for recreation and culture (1.0% vs. 2.5% in December), while it accelerated for restaurants and hotels (4.1% vs. 3.2%). Housing, water, electricity, gas and other fuels saw a modest easing (3.0% vs. 3.4%), whereas communication costs picked up (3.6% vs. 3.3%).
Transport inflation decelerated significantly (1.8% vs. 4.0%), and clothing and footwear prices turned negative (-0.5% vs. +1.1%). In addition, price increases moderated for alcoholic beverages and tobacco (1.5% vs. 2.8%) and for household equipment and maintenance (1.8% vs. 2.0%). By contrast, food and non-alcoholic beverages recorded a sharper rise, with prices accelerating to 4.7% from 3.1% in December.
On an annual basis, consumer prices climbed 32.4% in January, up from 31.5% in December, extending the gradual re-acceleration of inflation following the earlier disinflationary trend observed in 2024.
