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  1. Argentina
  2. ›
  3. Purchasing power & prices

Inflation: how Argentina got out of three-digit inflation, and what is left of it

At the end of 2023, prices were soaring from one month to the next. Three years after the December 2023 devaluation, monthly inflation has slowed sharply, but annual inflation remains among the highest in the world. Prices, categories, exchange rate and wages, from INDEC and the central bank.

Citoyen·Data as of Nov 12, 2026

Scope: Argentina, INDEC consumer price index (national coverage, December 2016 base), INDEC wage index, central bank (BCRA) reference exchange rate, IMF annual inflation for the long run.

This dossier is updated at least once a quarter with the new figures. Follow it to get a notification at each update.

Key points

Price rise over one month1.7%Aug. 2026, against 25.5% in Dec. 2023
Price rise over twelve months33.5%Aug. 2026, after a peak of 289.4% in Apr. 2024
Regulated prices over twelve months43.7%energy, transport, private health: faster than the whole
Fall in the real public wage15.8%from November 2023 to Jul. 2026
  • The late-2023 surge. Prices rose 25.5% in Dec. 2023, the month of the devaluation; over twelve months, the rise peaked at 289.4% in Apr. 2024.
  • A much slower monthly rise. Monthly inflation fell as low as 1.5% in May 2025; it stands at 1.7% in Aug. 2026 and 2.4% on average over the latest twelve months.
  • Annual inflation no longer falls. Over twelve months, the rise went from 117.8% in December 2024 to 31.5% in December 2025, then climbed back from 31.3% (Oct. 2025) to 33.5% (Aug. 2026).
  • Regulated prices rise faster than the rest. Regulated prices are up 43.7% over a year, against 31.9% for core inflation.
  • Uneven real wages. Adjusted for prices, the registered private-sector wage is 3.4% below its November 2023 level; the public-sector wage, 15.8% below.
How to read these figures

INDEC’s consumer price index has covered the whole country since December 2016. Citoyen computes the rise over one month and over twelve months from the published index. The core index (« núcleo ») excludes seasonal goods and regulated prices (energy, water, public transport, private health, education, telephony), whose tariffs the State sets or controls. Since January 2026, INDEC computes the index on a new base (December 2025) with updated weights; the series read here continues the old base and its monthly changes are those INDEC publishes.

Before 2017 there is no reliable national series: INDEC published no national index between 2014 and 2016, and its 2007-2015 figures were disputed. The long-run chart uses the IMF’s annual inflation, observed years only. Real wages divide INDEC’s wage index (registered employment) by the price index, November 2023 = 100, the last month before the devaluation.

1. The pace of prices

Monthly inflation soared at the end of 2023, then receded throughout 2024. Over the latest twelve months it averages 2.4%.

Price rise over one month

Change in the national consumer price index on the previous month. Latest month: Aug. 2026.

Source:INDEC (datos.gob.ar)

Show the chart data
PeriodOver one month
Jan. 20171.6%
Feb. 20172.1%
Mar. 20172.4%
Apr. 20172.7%
May 20171.4%
Jun. 20171.2%
Jul. 20171.7%
Aug. 20171.4%
Sep. 20171.9%
Oct. 20171.5%
Nov. 20171.4%
Dec. 20173.1%
Jan. 20181.8%
Feb. 20182.4%
Mar. 20182.3%
Apr. 20182.7%
May 20182.1%
Jun. 20183.7%
Jul. 20183.1%
Aug. 20183.9%
Sep. 20186.5%
Oct. 20185.4%
Nov. 20183.2%
Dec. 20182.6%
Jan. 20192.9%
Feb. 20193.8%
Mar. 20194.7%
Apr. 20193.4%
May 20193.1%
Jun. 20192.7%
Jul. 20192.2%
Aug. 20194.0%
Sep. 20195.9%
Oct. 20193.3%
Nov. 20194.3%
Dec. 20193.7%
Jan. 20202.3%
Feb. 20202.0%
Mar. 20203.3%
Apr. 20201.5%
May 20201.5%
Jun. 20202.2%
Jul. 20201.9%
Aug. 20202.7%
Sep. 20202.8%
Oct. 20203.8%
Nov. 20203.2%
Dec. 20204.0%
Jan. 20214.0%
Feb. 20213.6%
Mar. 20214.8%
Apr. 20214.1%
May 20213.3%
Jun. 20213.2%
Jul. 20213.0%
Aug. 20212.5%
Sep. 20213.5%
Oct. 20213.5%
Nov. 20212.5%
Dec. 20213.8%
Jan. 20223.9%
Feb. 20224.7%
Mar. 20226.7%
Apr. 20226.0%
May 20225.1%
Jun. 20225.3%
Jul. 20227.4%
Aug. 20227.0%
Sep. 20226.2%
Oct. 20226.3%
Nov. 20224.9%
Dec. 20225.1%
Jan. 20236.0%
Feb. 20236.6%
Mar. 20237.7%
Apr. 20238.4%
May 20237.8%
Jun. 20236.0%
Jul. 20236.3%
Aug. 202312.4%
Sep. 202312.7%
Oct. 20238.3%
Nov. 202312.8%
Dec. 202325.5%
Jan. 202420.6%
Feb. 202413.2%
Mar. 202411.0%
Apr. 20248.8%
May 20244.2%
Jun. 20244.6%
Jul. 20244.0%
Aug. 20244.2%
Sep. 20243.5%
Oct. 20242.7%
Nov. 20242.4%
Dec. 20242.7%
Jan. 20252.2%
Feb. 20252.4%
Mar. 20253.7%
Apr. 20252.8%
May 20251.5%
Jun. 20251.6%
Jul. 20251.9%
Aug. 20251.9%
Sep. 20252.1%
Oct. 20252.3%
Nov. 20252.5%
Dec. 20252.8%
Jan. 20262.9%
Feb. 20262.9%
Mar. 20263.4%
Apr. 20262.6%
May 20262.2%
Jun. 20261.9%
Jul. 20262.1%
Aug. 20261.7%

Price rise over twelve months, by category

All items, core inflation (excluding seasonal goods and regulated prices) and regulated prices.

  • Regulated prices
  • Core
  • All items

Source:INDEC (datos.gob.ar)

Show the chart data
PeriodAll itemsCoreRegulated prices
Dec. 201724.8%21.1%38.7%
Jan. 201825.0%21.1%39.1%
Feb. 201825.4%21.6%40.2%
Mar. 201825.4%22.4%37.7%
Apr. 201825.5%22.4%39.3%
May 201826.3%23.6%38.4%
Jun. 201829.5%26.9%41.2%
Jul. 201831.2%28.7%41.6%
Aug. 201834.4%31.2%48.2%
Sep. 201840.5%38.9%52.5%
Oct. 201845.9%43.3%61.1%
Nov. 201848.5%46.2%63.2%
Dec. 201847.6%47.7%53.5%
Jan. 201949.3%49.9%55.4%
Feb. 201951.3%52.5%54.5%
Mar. 201954.7%55.5%58.9%
Apr. 201955.7%58.0%55.9%
May 201957.3%58.8%61.1%
Jun. 201955.8%56.7%60.9%
Jul. 201954.4%55.1%59.7%
Aug. 201954.5%57.1%53.5%
Sep. 201953.5%55.3%51.5%
Oct. 201950.5%54.2%43.9%
Nov. 201952.1%55.2%45.3%
Dec. 201953.8%56.7%48.2%
Jan. 202052.9%55.8%44.9%
Feb. 202050.3%53.6%40.1%
Mar. 202048.4%51.4%37.9%
Apr. 202045.6%48.5%32.6%
May 202043.4%46.2%27.7%
Jun. 202042.8%45.6%25.2%
Jul. 202042.4%46.2%23.6%
Aug. 202040.7%43.9%22.3%
Sep. 202036.6%38.3%20.6%
Oct. 202037.2%37.9%20.0%
Nov. 202035.8%37.8%16.9%
Dec. 202036.1%39.4%14.8%
Jan. 202138.5%41.4%19.3%
Feb. 202140.7%43.7%21.0%
Mar. 202142.6%45.7%22.5%
Apr. 202146.3%49.8%27.6%
May 202148.8%52.5%32.6%
Jun. 202150.2%54.5%35.8%
Jul. 202151.8%55.4%37.1%
Aug. 202151.4%55.5%37.2%
Sep. 202152.5%57.0%38.6%
Oct. 202152.1%56.6%39.2%
Nov. 202151.2%55.5%39.0%
Dec. 202150.9%54.9%37.7%
Jan. 202250.7%54.0%34.6%
Feb. 202252.3%54.5%35.8%
Mar. 202255.1%57.3%40.9%
Apr. 202258.0%60.5%41.5%
May 202260.7%63.2%44.1%
Jun. 202264.0%65.5%46.9%
Jul. 202271.0%72.2%51.9%
Aug. 202278.5%78.4%59.7%
Sep. 202283.0%82.3%62.1%
Oct. 202288.0%86.4%70.9%
Nov. 202292.4%89.1%79.7%
Dec. 202294.8%90.6%85.7%
Jan. 202398.8%94.4%93.5%
Feb. 2023102.5%100.4%97.3%
Mar. 2023104.3%102.0%97.1%
Apr. 2023108.8%105.2%98.9%
May 2023114.2%110.3%105.3%
Jun. 2023115.6%113.1%109.0%
Jul. 2023113.5%111.5%112.6%
Aug. 2023124.4%125.3%116.6%
Sep. 2023138.3%142.2%124.4%
Oct. 2023142.7%149.7%122.7%
Nov. 2023160.9%170.3%130.8%
Dec. 2023211.4%229.4%164.9%
Jan. 2024254.2%275.9%213.1%
Feb. 2024276.2%291.9%260.7%
Mar. 2024287.9%300.0%293.4%
Apr. 2024289.4%292.2%344.1%
May 2024276.4%277.3%323.6%
Jun. 2024271.5%267.2%327.1%
Jul. 2024263.4%257.9%317.5%
Aug. 2024236.7%227.5%308.3%
Sep. 2024209.0%198.1%294.1%
Oct. 2024193.0%182.0%279.5%
Nov. 2024166.0%155.4%257.1%
Dec. 2024117.8%105.5%205.9%
Jan. 202584.5%75.0%148.0%
Feb. 202566.9%60.4%109.5%
Mar. 202555.9%51.3%83.1%
Apr. 202547.3%46.9%57.4%
May 202543.5%44.7%53.3%
Jun. 202539.4%42.0%45.0%
Jul. 202536.6%38.9%42.2%
Aug. 202533.6%36.1%37.8%
Sep. 202531.8%34.3%35.3%
Oct. 202531.3%33.4%35.2%
Nov. 202531.4%33.3%34.3%
Dec. 202531.5%33.1%34.2%
Jan. 202632.4%33.4%34.0%
Feb. 202633.1%33.6%36.5%
Mar. 202632.6%33.6%39.0%
Apr. 202632.4%32.4%43.0%
May 202633.2%32.0%44.5%
Jun. 202633.5%31.8%44.6%
Jul. 202633.8%32.2%44.3%
Aug. 202633.5%31.9%43.7%

2. Inflation entrenched for a long time

Over twenty-five years, Argentine inflation has stayed high; it peaked in 2023 and 2024. As an annual average, the IMF measures 133.5% in 2023, 219.9% in 2024 and 41.9% in 2025.

Average annual inflation

IMF, World Economic Outlook, observed years. No data for 2014-2016: INDEC published no national index in those years.

Source:International Monetary Fund

Show the chart data
PeriodAnnual inflation
19980.9%
1999−1.2%
2000−0.9%
2001−1.1%
200225.9%
200313.4%
20044.4%
20059.6%
200610.9%
20078.8%
20088.6%
20096.3%
201010.5%
20119.8%
201210.0%
201310.6%
2014–
2015–
2016–
201725.7%
201834.3%
201953.5%
202042.0%
202148.4%
202272.4%
2023133.5%
2024219.9%
202541.9%

3. The peso

In December 2023 the official exchange rate was devalued: the peso went from 353 pesos to the dollar on average in November to 634 pesos in December, a 79% rise in the price of the dollar. Since then the dollar has risen a further 136%, less than prices (247%).

Pesos per dollar, monthly average

Central bank reference exchange rate (Comunicación A 3500), logarithmic scale. Latest month: Aug. 2026, 1,499 pesos.

Source:Banco Central de la República Argentina (datos.gob.ar)

Show the chart data
PeriodPesos per dollar
Jan. 201613.6 pesos
Feb. 201614.8 pesos
Mar. 201614.9 pesos
Apr. 201614.4 pesos
May 201614.1 pesos
Jun. 201614.1 pesos
Jul. 201614.9 pesos
Aug. 201614.8 pesos
Sep. 201615.1 pesos
Oct. 201615.2 pesos
Nov. 201615.3 pesos
Dec. 201615.8 pesos
Jan. 201715.9 pesos
Feb. 201715.6 pesos
Mar. 201715.5 pesos
Apr. 201715.3 pesos
May 201715.7 pesos
Jun. 201716.1 pesos
Jul. 201717.1 pesos
Aug. 201717.4 pesos
Sep. 201717.2 pesos
Oct. 201717.5 pesos
Nov. 201717.5 pesos
Dec. 201717.7 pesos
Jan. 201819.0 pesos
Feb. 201819.9 pesos
Mar. 201820.2 pesos
Apr. 201820.3 pesos
May 201823.6 pesos
Jun. 201826.6 pesos
Jul. 201827.7 pesos
Aug. 201829.9 pesos
Sep. 201838.5 pesos
Oct. 201837.0 pesos
Nov. 201836.3 pesos
Dec. 201837.9 pesos
Jan. 201937.4 pesos
Feb. 201938.3 pesos
Mar. 201941.2 pesos
Apr. 201943.1 pesos
May 201944.9 pesos
Jun. 201943.8 pesos
Jul. 201942.5 pesos
Aug. 201952.5 pesos
Sep. 201956.6 pesos
Oct. 201958.5 pesos
Nov. 201959.7 pesos
Dec. 201959.9 pesos
Jan. 202060.0 pesos
Feb. 202061.3 pesos
Mar. 202063.2 pesos
Apr. 202065.7 pesos
May 202067.7 pesos
Jun. 202069.5 pesos
Jul. 202071.4 pesos
Aug. 202073.2 pesos
Sep. 202075.2 pesos
Oct. 202077.5 pesos
Nov. 202079.9 pesos
Dec. 202082.6 pesos
Jan. 202185.8 pesos
Feb. 202188.7 pesos
Mar. 202191.1 pesos
Apr. 202192.7 pesos
May 202194.1 pesos
Jun. 202195.3 pesos
Jul. 202196.2 pesos
Aug. 202197.2 pesos
Sep. 202198.3 pesos
Oct. 202199.2 pesos
Nov. 2021100.3 pesos
Dec. 2021101.9 pesos
Jan. 2022103.9 pesos
Feb. 2022106.4 pesos
Mar. 2022109.4 pesos
Apr. 2022113.2 pesos
May 2022117.8 pesos
Jun. 2022122.7 pesos
Jul. 2022128.4 pesos
Aug. 2022135.3 pesos
Sep. 2022143.1 pesos
Oct. 2022152.1 pesos
Nov. 2022162.1 pesos
Dec. 2022172.5 pesos
Jan. 2023182.1 pesos
Feb. 2023192.0 pesos
Mar. 2023202.9 pesos
Apr. 2023215.8 pesos
May 2023231.1 pesos
Jun. 2023248.3 pesos
Jul. 2023266.0 pesos
Aug. 2023321.6 pesos
Sep. 2023350.0 pesos
Oct. 2023350.0 pesos
Nov. 2023353.5 pesos
Dec. 2023633.8 pesos
Jan. 2024817.9 pesos
Feb. 2024834.2 pesos
Mar. 2024850.8 pesos
Apr. 2024868.1 pesos
May 2024886.0 pesos
Jun. 2024903.6 pesos
Jul. 2024923.8 pesos
Aug. 2024942.9 pesos
Sep. 2024962.1 pesos
Oct. 2024981.5 pesos
Nov. 20241,001.4 pesos
Dec. 20241,021.9 pesos
Jan. 20251,042.8 pesos
Feb. 20251,058.1 pesos
Mar. 20251,068.7 pesos
Apr. 20251,124.4 pesos
May 20251,149.3 pesos
Jun. 20251,181.1 pesos
Jul. 20251,266.4 pesos
Aug. 20251,328.6 pesos
Sep. 20251,401.2 pesos
Oct. 20251,437.4 pesos
Nov. 20251,428.8 pesos
Dec. 20251,447.4 pesos
Jan. 20261,449.8 pesos
Feb. 20261,408.6 pesos
Mar. 20261,396.0 pesos
Apr. 20261,381.4 pesos
May 20261,395.8 pesos
Jun. 20261,450.1 pesos
Jul. 20261,487.6 pesos
Aug. 20261,498.7 pesos

4. Wages against prices

The purchasing power of registered wages collapsed in early 2024. In the private sector it has climbed back close to its pre-devaluation level; in the public sector it has stayed well below.

Wages adjusted for prices (November 2023 = 100)

INDEC wage index (registered employment) divided by the price index. Low point: 87.9 in Mar. 2024 in the private sector, 78.1 in Jan. 2024 in the public sector.

  • Public sector
  • Registered private sector

Source:INDEC (datos.gob.ar)

Show the chart data
PeriodRegistered private sectorPublic sector
Jan. 2017123.6126.5
Feb. 2017122.6124.4
Mar. 2017121.5126.4
Apr. 2017122.3127.3
May 2017123.0127.1
Jun. 2017123.7129.0
Jul. 2017127.4130.3
Aug. 2017127.4131.8
Sep. 2017126.5131.9
Oct. 2017126.8132.1
Nov. 2017126.9131.7
Dec. 2017123.9128.3
Jan. 2018123.9126.6
Feb. 2018121.9124.4
Mar. 2018120.8125.0
Apr. 2018121.7123.5
May 2018122.2123.0
Jun. 2018119.4120.1
Jul. 2018118.6119.9
Aug. 2018117.4118.8
Sep. 2018112.7115.4
Oct. 2018111.1114.6
Nov. 2018110.4113.3
Dec. 2018109.5113.2
Jan. 2019110.1112.8
Feb. 2019109.1111.5
Mar. 2019107.9112.4
Apr. 2019107.2110.9
May 2019108.4110.1
Jun. 2019108.3109.4
Jul. 2019110.6113.8
Aug. 2019109.3111.4
Sep. 2019106.0108.9
Oct. 2019106.4108.6
Nov. 2019104.9106.0
Dec. 2019102.7105.1
Jan. 2020109.0105.6
Feb. 2020111.8106.5
Mar. 2020110.6107.3
Apr. 2020108.8106.3
May 2020106.9105.3
Jun. 2020104.7103.8
Jul. 2020104.0103.0
Aug. 2020103.4101.1
Sep. 2020102.7101.4
Oct. 2020104.3100.8
Nov. 2020103.799.5
Dec. 2020101.397.9
Jan. 2021101.396.4
Feb. 2021102.996.6
Mar. 2021102.099.2
Apr. 2021102.796.8
May 2021102.896.3
Jun. 2021101.497.1
Jul. 2021103.6100.0
Aug. 2021104.5100.7
Sep. 2021104.5103.7
Oct. 2021104.7103.9
Nov. 2021106.7104.1
Dec. 2021104.2102.9
Jan. 2022105.0102.0
Feb. 2022104.299.7
Mar. 2022102.9104.7
Apr. 2022102.5101.4
May 2022104.3102.9
Jun. 2022104.1102.2
Jul. 2022102.1102.2
Aug. 2022103.399.6
Sep. 2022102.9101.0
Oct. 2022101.9100.7
Nov. 2022104.3101.4
Dec. 2022103.7105.3
Jan. 2023102.3103.2
Feb. 2023102.5100.5
Mar. 2023102.7108.6
Apr. 2023101.3104.3
May 2023101.6104.9
Jun. 2023101.4105.0
Jul. 2023105.6111.9
Aug. 2023101.8105.5
Sep. 2023102.2103.8
Oct. 2023102.6104.6
Nov. 2023100.0100.0
Dec. 202388.584.1
Jan. 202488.078.1
Feb. 202488.779.4
Mar. 202487.979.4
Apr. 202490.478.5
May 202493.481.5
Jun. 202495.381.1
Jul. 202497.483.1
Aug. 202498.283.5
Sep. 202498.583.9
Oct. 202499.785.2
Nov. 2024100.585.5
Dec. 2024100.684.7
Jan. 2025100.783.6
Feb. 2025100.685.3
Mar. 202599.184.9
Apr. 202598.884.5
May 202599.386.0
Jun. 202599.485.7
Jul. 202599.786.0
Aug. 2025100.086.8
Sep. 202599.386.0
Oct. 202599.185.6
Nov. 202598.884.5
Dec. 202598.483.0
Jan. 202697.782.1
Feb. 202696.581.7
Mar. 202695.283.0
Apr. 202696.582.8
May 202696.482.2
Jun. 202696.483.5
Jul. 202696.684.2

What we know, what we don’t

What the figures establish

  • Monthly inflation has slowed sharply since the December 2023 peak.
  • Over twelve months, inflation remains high and has stopped falling since late 2025.
  • The real public-sector wage remains well below its November 2023 level.

What they don’t tell

  • How much of the fall in inflation is due to fiscal policy, monetary policy or the exchange rate: these series do not measure the effect of policies.
  • Wages in the unregistered sector, published with a lag of several months and not used here.
  • The effect of the price index’s new 2026 weights on measured inflation.

Stay up to date

This dossier is updated at least once a quarter with the new figures. Follow it to get a notification at each update.

Sources

Series downloaded from their producers on Nov 12, 2026, the snapshot date. Only published periods are used: no projection.

  • Banco Central de la República Argentina (datos.gob.ar) Tipo de cambio de referencia Comunicación A 3500, pesos por dólar, promedio mensual
  • INDEC (datos.gob.ar) Índice de precios al consumidor, cobertura nacional, nivel general, núcleo y regulados (base diciembre 2016)
  • INDEC (datos.gob.ar) Índice de salarios: empleo registrado, sector privado y sector público (base octubre 2016)
  • International Monetary Fund World Economic Outlook, consumer prices, annual average change (PCPIPCH), actual years