Report published August 13, 2026
Goldman Sachs Economic Research: Argentina Inflation Analysis (July 2026)
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- August 13, 2026
- Analysis as of
- Not stated in source
Authors / editors: Sergio Armella (Author)
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Argentina's consumer prices increased 2.1% mom in July (33.8% yoy), topping the 2.0% market consensus. Consequently, Goldman Sachs raised its year-end inflation forecast by 1.5pp to 30.5% with risks tilted to the upside.
Key Takeaways
- 1.Argentina headline CPI rose by 2.1% mom in July (33.8% yoy), coming in slightly above consensus and central bank survey estimates of 2.0% mom.
- 2.Core inflation remained under 2% for the third consecutive month at 1.8% mom (32.2% yoy), though it firmed slightly from 1.6% mom in June.
- 3.Goldman Sachs raised its year-end 2026 inflation forecast by 1.5 percentage points to 30.5%, maintaining upside risk bias.
Table of Contents
- KEY NUMBERS (July):
- DETAILS:
- Inflation Interrupted in July the Downwards Trend That Had Started in April
- Regulated Prices Have Adjusted Upwards in Recent Months
- Disclosure Appendix
Report data
Inflation Interrupted in July the Downwards Trend That Had Started in April
| Metric | Estimate | Context |
|---|---|---|
| Headline Inflation MoM | 2.1% | Above consensus and survey expectations of 2.0% mom |
| Headline Inflation YoY | 33.8% | Up from 33.5% yoy in June |
| Core Inflation MoM | 1.8% | Up from 1.6% mom in June |
| Seasonal Prices MoM | 4.5% | Up from 3.4% mom in June |
| Year-End Inflation Forecast | 30.5% | Raised by 1.5pp from prior estimate |
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Authors / Editors
Reported Data Context
- Headline Inflation MoM: 2.1 % (2026-07) · Source: Indec
- Headline Inflation YoY: 33.8 % (2026-07) · Source: Indec
- Core Inflation MoM: 1.8 % (2026-07) · Source: Indec
- Seasonal Prices MoM: 4.5 % (2026-07) · Source: Indec
- Year-End Inflation Forecast: 30.5 % (2026-YE) · Source: Goldman Sachs
Themes
Regions
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