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In Argentina, The Government of Javier Milei Registered Annual Inflation of 31.5% in 2025 to Consolidate the Slowdown, Causing a Strong Decline Compared to 2023 and 2024 and Catching the Market’s Attention.
Argentina ended 2025 with a figure that caught attention: annual inflation of 31.5%, seen as the lowest in the last 8 years.
The data is presented as the lowest level since 2017 and came after the Consumer Price Index (CPI) in Argentina rose 2.8% in December, according to the National Institute of Statistics and Censuses, Indec, reported this Tuesday.
Even with a slight acceleration in the last month of the year, attributed to seasonal factors in the official report, the inflationary dynamic maintained a downward trend for the accumulated 2025, consolidating a process of deceleration.
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Analysts and private projections mentioned in the context of the data indicate that this trend may continue throughout 2026, which keeps market expectations under constant observation.
The Data of 31.5% in 2025 Became Highlighted in Argentina for Being the Lowest Annual Level Since 2017
The figure of 31.5% was treated as the lowest annual inflation in 8 years in Argentina and as the lowest level since 2017, reinforcing the interpretation of deceleration compared to previous years.
The result for the economic program in Argentina, of President Javier Milei’s government, which took office in December 2023, in a scenario described as having a strong inflationary legacy.
The shift in Argentina grabs attention because it contrasts with a recent series of elevated indices and puts the projections for 2026 at the center of the debate.
What Indec Reported About December and Why the Month Had Seasonal Influence
According to Indec, the CPI rose 2.8% in December, and the official report pointed out that there was a slight acceleration in the last month of the year.
Nevertheless, the evaluation of the accumulated 2025 maintained a downward trend, with the December increase related to seasonal factors, according to the report itself.
This detail helps to understand why the year’s closure came with a month above what part of the market had been observing, without breaking the overall downward trajectory for the year.
Transportation Led the Increase of the Month with 4.0%, and Housing and Energy Came Next with 3.4%
In the snapshot for December, some divisions rose above the overall average for the month.
According to Indec, the highest increase was in Transportation, with 4.0%, followed by Housing, water, electricity, gas, and other fuels, with 3.4%.
The communication in Argentina also highlighted that, in regions, the division with the highest incidence in the monthly variation was Food and Non-Alcoholic Beverages, a point that tends to weigh on wallets and captures attention quickly.
The Comparison with 2023 and 2024 Shows the Size of the Deceleration in Just Two Years in Argentina
The closure of 2025 with 31.5% reinforces the deceleration when placed side by side with the previous years.
In 2024, the CPI was 117.8%, which already represented a significant drop compared to the 211.4% recorded in 2023, the last year of the government of Alberto Fernández and Cristina Kirchner.
In this context, the text highlights that the result of 2025 maintains the downward trend even considering the inertia and inflationary legacy received by the Milei government in December 2023.
Projections for 2026 Point to 20.5% for the Year, and Milei Speaks of Monthly Inflation Starting with Zero in August
In addition to the annual data, expectations remain on the market’s radar and were cited as a thermometer for what may come next.
The latest Market Expectations Survey, REM, estimates inflation of 20.5% for all of 2026, which would indicate further deceleration compared to 2025.
On the executive power side, Javier Milei expressed optimism and projected that, in August 2026, monthly inflation would start with the digit zero, aligned with the official objective of moving toward total price stability.
In the end, the inflation of 31.5% in 2025 is marked as a significant achievement within the government’s narrative, being the lowest annual record in eight years and serving as a basis for projections for upcoming periods.
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