After 10 months of acceleration, inflation subsided and fell almost one point in Argentina: it showed an increase of 2.6% in April, according to official data released this Thursday. Although the figure remains high and represents a year-on-year increase of 32.4%, it also implies a slowdown compared to the 3.4% recorded in March. “Returning to normality,” celebrated President Javier Milei. Despite the optimistic message that the president spread on his social networks, the data ended up burying the Government’s expectations for this year. The Executive had forecast inflation of 10.1 percentage points for all of 2026 and .
The item that led the increases in the April CPI was transportation (with 4.4%), directly related to the increase in fuel prices. According to the report from the Institute of Statistics and Censuses (Indec), the other sectors that drove inflation were education (4.2%), communication (4.1%), housing, water, electricity and gas (3.5%). At the other extreme, the divisions with the least variation were food and non-alcoholic beverages (1.5%) and recreation and culture (1%).
RETURNING TO NORMALITY.
Despite the coup attempts of politics (and its partners in the red circle) and the external shock, inflation resumes its downward path.
VLCC!— Javier Milei (@JMilei)
“Despite the coup attempts of the politician (and her partners in the red circle) and the shock externally, inflation resumes its downward path,” Milei highlighted. The president maintains that inflationary persistence is not linked to his economic plan, but to the influence of the opposition and certain business sectors, in addition to the effects of the global economy.
The Minister of Economy, Luis Caputo, pointed out that April inflation was “the lowest in five months” and that “the variation in the general level was the lowest since November of last year.” The official also assessed that core inflation—which excludes seasonal and regulated products—was 2.3%, “the lowest since October.”
The decline in inflation compared to the month of March, when it had reached its highest level in a year, gave respite to the Government, besieged in recent months by corruption scandals and social concern over low salaries and job losses. In any case, the inflation rate continues well above what the Government itself expected.
For 2026, the Ultra Executive projected an inflation of 10.1%, as stated in the national budget, and Milei had predicted that from the middle of the year the monthly CPI would start at 0. On the other hand, the International Monetary Fund foresees for Argentina an annual price increase of 30.4%, similar to the figure predicted by private consulting firms, according to the compilation prepared by the Central Bank of the Republic (BCRA). In 2025, prices accumulated an increase of 31.5%, well below the 117.8% in 2024 and 211.4% in 2023, before Milei took over.
