Argentina: Inflation eases in March from February
Latest reading: Consumer prices rose 32.6% on a year-on-year basis in March, following a 33.1% rise in the previous month.
Relative to the prior month’s data, there were reduced price pressures for food and non-alcoholic beverages (+32.7% on a year-on-year basis vs +36.0% in February) and restaurants and hotels (+41.0% vs +41.6% in February). In contrast, there were higher price pressures for transportation (+36.2% vs +33.1% in February) and housing and utilities (+45.5% vs +44.3% in February).
Lastly, consumer prices were up 3.38% in March on a month-on-month basis, following a 2.90% rise in the previous month. The March reading was above both market and the Central Bank’s expectations.
Panelist insight: On the data and outlook, Itaú Unibanco analysts said:
“Our inflation forecast for YE26 stands at 27.5%, below 31.5% recorded in 2025. However, higher-than-expected inflation prints at the start of the year, despite a stronger ARS, together with elevated oil prices, pose upside risks to our forecast. Looking ahead, we expect inflation to moderate to around 2.5% MoM in April, supported by the freeze in fuel prices throughout the month.”