The May inflation finally pierced the 2% thresholdwhen located in the 1.5% -From the previous 2.8 %-, as reported by the National Institute of Statistics and Census (INDEC). It was the lowest monthly data since May 2020, in full pandemic. So, So far from 2025 the consumer price index (CPI) accumulated 13.3% And the interannual variation cut 43.5%minimum of March 2021. This deceleration is explained by the faint increase in food (+0.5%) after the strong decline in vegetables (-8%) and, in lesser extent, fruits (-2%).
In May, the lower dollar volatility After the FLEXIBILIZATION OF THE CEPO positively influenced the data. Is that the official currency only went up 1.5% Last month. Also helped the loss of Fuelsthe slightest rise in Rates and the celebration of “Hot Sale “, Ecommerce event with strong discounts.
“The relative exchange rate stability, which was located around half of the band, helped by the positive result, in market terms, CABA elections and the Intervention in the futures marketcontributed to the slowdown of the indicator. To this is added a demand that still does not respond at all, with salaries and employment data that continue complicated“The economist of Ecogo Rocío Bisang In dialogue with Scope.
May inflation: food increased a lukewarm 0.5%
The division that recorded the greatest increase in the month was Communication (4.1%), by rises in Services Telephone and Internet. He followed him Restaurants and hotels (3%), for the increases in restaurants and meals outside the home.
At the other extreme, the two divisions that registered the minor variations in May 2025 with respect to the previous month were Non -alcoholic food and drinks (0.5%) and Transport (0.4%).
“Much of the deceleration of inflation effectively responds to the decline in some foods, in particular fruit and vegetableswhich are usually quite volatile due to the dynamics of the productive framework, “Bisang explained.
In that line, the specialist added that “other factors such as Low in the price of fuels which was 4% and then corrected in the middle of the month by the 0.2% increase in biofuels; Rates In some cases and the Hot Salethey also contributed. “
In that line, the variation of the Basic food basket and the Total basic basket It was from -0.4% and 0.1% monthlyrespectively. In both cases, It was the lowest variations since the current series begin in 2016.
For its part, the economist Gonzalo Carrera of Balances He pointed out that “private services, which are the ones that mark the inertia, are still very high in 3.1%, although the peers in May gave us 2%. Private services are those that usually follow private wages. The goods gave 0.9%helped by a stable exchange rate and the seasonal ones, which were the two great anchors of the month, adding to the third one that was the price of the third regulated, fundamentally with the gasoline down.
At the level of the categories, the goods and services at the CIVO IPC They led the increase by increasing 2.2%followed by prices Regulated (1.3%) and the Seasonal (-2.7%).
“The difference in inflation between goods, 0.9%, and services, 2.7%. The drop in prices that relieves in fruits, vegetables and meat was key, leaving aside the roast where it remained constant. Services show another dynamic, prepaid, internet, rents restaurants about 3% or more“The economist analyzed Claudio Capraulo of ANALYTICS.
The Government celebrated May IPC that first drilled 2% in five years and the president Javier Milei He stressed that inflation it’s a “Monetary phenomenon generated by the excess supply of money. Either because the supply raises, the demand or the two things at the same time, which causes money and that money prices rise up.”
From the Freedom and Progress Foundation, Eugenio Maríhighlighted: “Our expectation is that in June inflation could even be a bit lower. And that for the last quarter of 2025 we would already be with IPC close to 1% monthly”.
Source: Ambito
