Inflation in July was 1.9% and has accumulated to 17.3% so far in 2025.

Inflation in July reached 1.9% and accumulated to 17.3% in the first seven months of 2025 , the National Institute of Statistics and Census ( INDEC ) reported this Wednesday. The figure marks a slight acceleration of 0.3 percentage points compared to June, in a context in which price variations had shown some stability in recent months.

In the year-on-year comparison, the Consumer Price Index ( CPI ) registered a 36.6% increase, representing the fifteenth consecutive month of deceleration compared to the same month last year. This year-on-year downward trend has been sustained since the beginning of 2024, partly due to the higher comparison base and a moderation in the pace of increases in some key sectors of the economy.

The official report indicated that the category that grew the most in July was Recreation and Culture, with a rise of 4.8% . This category's performance was influenced by the winter school break and the increase in tourism activities, which put pressure on the prices of shows, packages, and related services. Transportation came in second, with a 2.8% increase, driven by increases in bus and subway fares, as well as the higher cost of operating personal transportation equipment.

At the other end of the spectrum, the smallest increases were recorded in Alcoholic Beverages and Tobacco and Clothing and Footwear . These items showed more stable performance in July, partly due to the absence of significant increases in internal taxes and the lesser pressure on apparel from the winter season.

Following the data for the seventh month of the year, Economy Minister Luis Caputo highlighted on social media that inflation continued to "stay below 2% monthly for the third consecutive month. This trend hasn't occurred since November 2017."

"The year-over-year variation in the National CPI was 36.6%, marking fifteen consecutive months of slowdown compared to the same month last year. This year-over-year variation is the lowest since December 2020," the head of the Ministry of Finance stated on social media.

Finally, Caputo noted that "cumulative inflation in the first seven months of the year was 17.3%, the lowest for this period of the year since 2020" and that "the three-month moving average of headline inflation was below 1.7% and the lowest since November 2017."