The inflation rate for July was 2.1% and the core rate fell below 2%

The inflation recorded a monthly variation of 2.1% in July, while the accumulated figure for the first seven months of 2026 reached 19.3%, according to data published by INDEC this Thursday. In year-on-year terms, consumer prices increased by 33.8%.

The July figure showed a moderate variation compared to the 1.9% recorded in June and kept the monthly inflation close to 2%. At the same time, core inflation was below the general level, with an increase of 1.8% during the month.

The National CPI in July was composed of a 1.8% increase in Core CPI, 2.1% in Regulated prices, and 4.5% in Seasonal prices, which negatively influenced July.

One of the highlighted data points from the report was the evolution of the three-month moving average of the National CPI variation. This indicator decreased by 0.2 percentage points compared to June and reached its lowest level since September of last year.

Among the divisions that make up the index, Recreation and Culture recorded the highest monthly increase, with a rise of 5.0%. In second place was Restaurants and Hotels, with an increase of 2.8%.

Within both divisions are categories such as travel packages, cultural services, and accommodation services, which present a significant seasonality during this time of year.

Goods rose less than services

By product type, goods recorded a variation of 1.6% in July, while services increased by 3.1%.

Among the regulated prices that recorded increases during the month were public transportation, prepaid expenses, and electricity.

The difference between goods and services was one of the elements that explained the composition of the general index of 2.1% recorded in July.

The historic drop in clothing

One of the most notable data points from the report occurred in the Clothing and Footwear division, which recorded a decrease of 1.3% during July.

According to the report, this was the largest nominal reduction in the entire historical series of the National CPI, which began in January 2017.

Also among the divisions with the smallest variations was Alcoholic Beverages and Tobacco, which recorded an increase of 1.5%.

With the July result, inflation accumulated 19.3% during the first seven months of the year, while the year-on-year variation stood at 33.8%.

The monthly figure, the core inflation of 1.8%, and the reduction of the three-month moving average show the continuity of the price deceleration. The latter fell by 0.2 percentage points compared to June and reached its lowest level since September 2025.