July Inflation Ticks Up to 2.1%, Ending Three-Month Disinflation Streak

INDEC reported July 2026 monthly inflation of 2.1%, up from 1.9% in June and slightly above analyst expectations of 2%, ending a three-month slowdown. Year-on-year inflation reached 33.8%, with cumulative 2026 inflation at 19.3%. Core inflation rose 1.8% (from 1.6% in June). Recreation and culture posted the largest monthly increase (5.0%), driven by tourist packages and cultural services, while clothing and footwear fell 1.3% — the first outright decline in that category since August 2025. Economists characterized the uptick as a temporary pause in the broader disinflation trend rather than a reversal.