Inflation has memory. Contracts, wage reviews, and pricing decisions incorporate recent outcomes and expectations. Their interaction can sustain inertia after the initial impulse changes. The chart makes that trajectory visible; explaining its causes requires additional information about fiscal policy, money, exchange rates, and expectations.
Two speeds in the same economy
Monthly inflation compares the CPI with the previous month. Year-on-year inflation compares it with the same month a year earlier: it compounds twelve monthly changes rather than adding them. Monthly disinflation can therefore coexist with a high year-on-year rate for some time.
Monetary regimes matter because they shape expectations about money creation, exchange rates, and policy responses. A regime change may alter expectations while existing contracts and delayed adjustments continue to operate. A time series helps identify accelerations and slowdowns; it does not, by itself, identify the causal effect of each policy.
Hover, tap, or focus the chart and use the arrow keys. Rates are shown as published by INDEC, to one decimal place. The last five years are the latest 60 published months.
Logarithmic scale is only available for strictly positive rates.
View official observations
| Month | Monthly | Year-on-year |
|---|---|---|
| January 2017 | 1.6% | — |
| February 2017 | 2.1% | — |
| March 2017 | 2.4% | — |
| April 2017 | 2.7% | — |
| May 2017 | 1.4% | — |
| June 2017 | 1.2% | — |
| July 2017 | 1.7% | — |
| August 2017 | 1.4% | — |
| September 2017 | 1.9% | — |
| October 2017 | 1.5% | — |
| November 2017 | 1.4% | — |
| December 2017 | 3.1% | 24.8% |
| January 2018 | 1.8% | 25.0% |
| February 2018 | 2.4% | 25.4% |
| March 2018 | 2.3% | 25.4% |
| April 2018 | 2.7% | 25.5% |
| May 2018 | 2.1% | 26.3% |
| June 2018 | 3.7% | 29.5% |
| July 2018 | 3.1% | 31.2% |
| August 2018 | 3.9% | 34.4% |
| September 2018 | 6.5% | 40.5% |
| October 2018 | 5.4% | 45.9% |
| November 2018 | 3.2% | 48.5% |
| December 2018 | 2.6% | 47.6% |
| January 2019 | 2.9% | 49.3% |
| February 2019 | 3.8% | 51.3% |
| March 2019 | 4.7% | 54.7% |
| April 2019 | 3.4% | 55.8% |
| May 2019 | 3.1% | 57.3% |
| June 2019 | 2.7% | 55.8% |
| July 2019 | 2.2% | 54.4% |
| August 2019 | 4.0% | 54.5% |
| September 2019 | 5.9% | 53.5% |
| October 2019 | 3.3% | 50.5% |
| November 2019 | 4.3% | 52.1% |
| December 2019 | 3.7% | 53.8% |
| January 2020 | 2.3% | 52.9% |
| February 2020 | 2.0% | 50.3% |
| March 2020 | 3.3% | 48.4% |
| April 2020 | 1.5% | 45.6% |
| May 2020 | 1.5% | 43.4% |
| June 2020 | 2.2% | 42.8% |
| July 2020 | 1.9% | 42.4% |
| August 2020 | 2.7% | 40.7% |
| September 2020 | 2.8% | 36.6% |
| October 2020 | 3.8% | 37.2% |
| November 2020 | 3.2% | 35.8% |
| December 2020 | 4.0% | 36.1% |
| January 2021 | 4.0% | 38.5% |
| February 2021 | 3.6% | 40.7% |
| March 2021 | 4.8% | 42.6% |
| April 2021 | 4.1% | 46.3% |
| May 2021 | 3.3% | 48.8% |
| June 2021 | 3.2% | 50.2% |
| July 2021 | 3.0% | 51.8% |
| August 2021 | 2.5% | 51.4% |
| September 2021 | 3.5% | 52.5% |
| October 2021 | 3.5% | 52.1% |
| November 2021 | 2.5% | 51.2% |
| December 2021 | 3.8% | 50.9% |
| January 2022 | 3.9% | 50.7% |
| February 2022 | 4.7% | 52.3% |
| March 2022 | 6.7% | 55.1% |
| April 2022 | 6.0% | 58.0% |
| May 2022 | 5.1% | 60.7% |
| June 2022 | 5.3% | 64.0% |
| July 2022 | 7.4% | 71.0% |
| August 2022 | 7.0% | 78.5% |
| September 2022 | 6.2% | 83.0% |
| October 2022 | 6.3% | 88.0% |
| November 2022 | 4.9% | 92.4% |
| December 2022 | 5.1% | 94.8% |
| January 2023 | 6.0% | 98.8% |
| February 2023 | 6.6% | 102.5% |
| March 2023 | 7.7% | 104.3% |
| April 2023 | 8.4% | 108.8% |
| May 2023 | 7.8% | 114.2% |
| June 2023 | 6.0% | 115.6% |
| July 2023 | 6.3% | 113.4% |
| August 2023 | 12.4% | 124.4% |
| September 2023 | 12.7% | 138.3% |
| October 2023 | 8.3% | 142.7% |
| November 2023 | 12.8% | 160.9% |
| December 2023 | 25.5% | 211.4% |
| January 2024 | 20.6% | 254.2% |
| February 2024 | 13.2% | 276.2% |
| March 2024 | 11.0% | 287.9% |
| April 2024 | 8.8% | 289.4% |
| May 2024 | 4.2% | 276.4% |
| June 2024 | 4.6% | 271.5% |
| July 2024 | 4.0% | 263.4% |
| August 2024 | 4.2% | 236.7% |
| September 2024 | 3.5% | 209.0% |
| October 2024 | 2.7% | 193.0% |
| November 2024 | 2.4% | 166.0% |
| December 2024 | 2.7% | 117.8% |
| January 2025 | 2.2% | 84.5% |
| February 2025 | 2.4% | 66.9% |
| March 2025 | 3.7% | 55.9% |
| April 2025 | 2.8% | 47.3% |
| May 2025 | 1.5% | 43.5% |
| June 2025 | 1.6% | 39.4% |
| July 2025 | 1.9% | 36.6% |
| August 2025 | 1.9% | 33.6% |
| September 2025 | 2.1% | 31.8% |
| October 2025 | 2.3% | 31.3% |
| November 2025 | 2.5% | 31.4% |
| December 2025 | 2.8% | 31.5% |
| January 2026 | 2.9% | 32.4% |
| February 2026 | 2.9% | 33.1% |
| March 2026 | 3.4% | 32.6% |
| April 2026 | 2.6% | 32.4% |
| May 2026 | 2.1% | 33.2% |
| June 2026 | 1.9% | 33.5% |
| July 2026 | 2.1% | 33.8% |
| August 2026 | 1.7% | 33.5% |
| September 2026 | 1.9% | 33.4% |
INDEC · Source CSV · Snapshot retrieved 2026-10-28. Missing year-on-year observations are not estimated.
Reading the scales
Linear scale preserves differences in percentage points. Logarithmic scale displays proportional distances: moving from 2% to 4% takes the same space as moving from 20% to 40%. It applies to positive inflation rates, not to the price-index level. Switch between them to distinguish the size of spikes from developments at lower inflation rates.
The chart uses the national headline CPI, with December 2016 = 100. Available monthly changes run from January 2017 through September 2026. Year-on-year observations begin in December 2017; unpublished observations are not estimated. Rates retain the official file’s one-decimal rounding. This is a dated local snapshot, not an automatically updated feed.
Technical conclusion
A lower inflation rate means prices are rising more slowly, not returning to an earlier level. Assessing stabilization requires examining persistent monthly disinflation together with its transmission to year-on-year inflation. A high-inflation month leaving the twelve-month comparison window can also reduce the year-on-year rate without an equivalent change in current monthly inflation.
Sources and methodology. Observed data: INDEC, official national CPI series. Publications, coverage, and methodology: INDEC, consumer price indices. For comparison with monetary and exchange-rate variables: BCRA, statistics and indicators. This chart shows CPI observations and includes no forecasts.