The wholesale inflation recorded in June a new slowdown and reached one of its lowest levels in years, according to data released by INDEC.
The Internal Wholesale Price Index (IPIM) showed a monthly increase of 1.1%, which represents a drop of 1.4 percentage points compared to May, when it marked 2.5%.
This is also the lowest variation for a June since the current series began in December 2015, consolidating a downward trend in the dynamics of wholesale prices throughout 2026, thanks to the successful economic plan of the Government of Javier Milei.
INDEC data
In year-on-year terms, the indicator recorded an increase of 33.7%, while so far this year it has accumulated a rise of 15.6%.
The INDEC report
The monthly result was explained by a 1.0% increase in “Domestic products” and a 2.3% increase in “Imported products”.
Within the local component, the main positive contributions came from “Substances and chemical products”, which contributed 0.26 percentage points; “Agricultural products”, with 0.23 p.p.; “Refined petroleum products”, with 0.19 p.p.; and “Electric energy”, with 0.13 p.p.
These increases were partially offset by the drop in “Crude oil and gas”, which subtracted 0.56 percentage points from the overall index. This dynamic helped to moderate the final result and reinforce the slowdown observed in the general level of wholesale prices.
President Javier Milei
In parallel, the Basic Internal Wholesale Price Index (IPIB) also showed an increase of 1.1% in June. In this case, the rise was explained by the 1.1% increase in domestic products and a 2.2% increase in imports, maintaining a similar dynamic to that of the IPIM.
Meanwhile, the Basic Producer Price Index (IPP) recorded a variation of 1.1% in the same period. This result was due to a decrease of 0.6% in “Primary products” and an increase of 1.8% in “Manufactured products and electric energy”.
The evolution of wholesale prices in June reinforces the process of inflationary slowdown at various levels of the economy.
The monthly drop compared to May and the lowest record for a June in the entire series demonstrate a sustained moderation in wholesale costs, a key indicator to anticipate the future dynamics of retail inflation.
