Consumer prices in Argentina rose 2.9% month-on-month in January 2026, following a 2.8% increase in December and above expectations of 2.5%. Prices slowed for recreation and culture (1.0% vs. 2.5% in December), but accelerated for restaurants and hotels (4.1% vs. 3.2%), while housing, water, electricity, gas and other fuels eased (3.0% vs. 3.4%) and communication picked up (3.6% vs. 3.3%). Prices rose more slowly for transportation (1.8% vs. 4.0%), and clothing and footwear turned negative (-0.5% vs. 1.1%). Alcoholic beverages and tobacco rose less sharply (1.5% vs. 2.8%), and home equipment and maintenance moderated (1.8% vs. 2.0%). Food and non-alcoholic beverage prices accelerated to 4.7% (vs. 3.1% in December). On a year-on-year basis, consumer prices climbed 32.4% in January, up from 31.5% in December, continuing the modest pickup in inflation after the disinflationary trend earlier in 2024.