Indec Reports September Inflation at 1.9 Percent and 33.4 Percent Annually

Consumer Prices Rise 1.9 Percent as Government Defends Economic Path

The monthly increase brings the accumulated inflation rate for the first nine months of the year to 23.6 percent, while the year-on-year variation reaches 33.4 percent, Clarín reported.

Government Response and Official Forecasts

President Javier Milei’s administration defended its economic trajectory following the release of the September data. Presidential spokesman Adrián Ravier addressed reporters shortly after the INDEC report became public.

The drop in inflation is not a continuous downward line, this path can be sinuous for different reasons, but that 25 percent trend we do not have today, Ravier said during a press conference.

Ravier added that officials remain optimistic about their monetary approach and expect annual inflation to reach a single-digit figure in the coming years. Private consulting firms participating in the Central Bank’s Market Expectations Survey had predicted a slight acceleration for September, anticipating an index starting at a floor of 2 percent. Previous government forecasts had suggested that August inflation would begin with zero, a prediction that did not materialize as August instead registered a 1.7 percent increase.

Sector Breakdown and Cost Pressures

Housing, water, electricity, gas, and other fuels led the monthly sectoral increases with a 3.1 percent rise. Education followed with a 3.0 percent increase, while communication rose 2.5 percent, according to INDEC data analyzed by Sol 915.

Regulated prices advanced 2.3 percent, driven by gas, electricity, and prepaid healthcare plans. Seasonal prices increased 2.9 percent, led by vegetables, tubers, and legumes. The core IPC, which excludes regulated and seasonal items, rose 1.7 percent due to increases in food eaten away from home and pharmaceutical products.

Conversely, restaurants and hotels recorded the smallest monthly increase at 1.1 percent, followed by apparel and footwear at 1.4 percent. Regionally, the Greater Buenos Aires area and the Pampeana region registered the highest monthly inflation rates at 2.0 percent, while Patagonia recorded the lowest at 1.4 percent.

Poverty Thresholds and Wider Economic Context

Alongside the price index, INDEC published figures for the basic food basket and total basic basket for September 2026, Página/12 reported. A household of four required 1,632,505 pesos to avoid falling below the poverty line during the month, representing a 1.7 percent increase from August and a 40 percent rise over twelve months.

Economic activity in labor-intensive sectors such as industry, construction, and commerce continues to contract. The International Monetary Fund recently lowered its annual growth forecast for Argentina from 3.5 percent to 2.1 percent, citing primary activities like agriculture, oil, and mining as the main drivers.