Argentina inflation climbs 2.1% in May, year‑on‑year CPI hits 14.7%

In May 2026 Argentina's consumer price index (CPI) rose 2.1% from the previous month, bringing the annual inflation rate to 14.7%, according to the national statistics agency INDEC. Seasonal items showed the strongest increase at 3.5%, driven by higher vegetable prices, while communication services rose 3.4% and education 2.9%. Food and non‑alcoholic beverages contributed 2.5% to the overall rise, led by higher prices for bread, cereals and dairy products.

Wholesale inflation surged 5.2% in the same month, double the retail rate, and accumulated an 11.6% rise in the first four months of the year and 30.8% over the past twelve months. Energy commodities were the main drivers, with crude oil and gas prices up 22.9%, refined oil products up 13.6%, and rubber, plastics and chemicals also posting sizable gains.

Minister Luis Caputo attributed about 85% of the price pressure to the war in the Middle East and higher international oil prices. UNICEF data cited a drop in child poverty to 42.3% in 2025, but analysts warned that rising rents, utilities and transport costs continue to strain household finances.