Argentina's inflation ended 2025 at 31.5%, according to the International Monetary Fund (IMF), after 211.4% in 2023 and 117.8% in 2024. In 2026, INDEC's consumer price index rose 1.9% in September, is up 23.6% so far this year and 33.4% over twelve months, according to data published on October 13 and reported by Canal 26.
Inflation in 2026 through September
| Indicator (INDEC) | Value |
|---|---|
| September 2026 inflation | 1.9% |
| August 2026 inflation | 1.7% |
| January-September cumulative | 23.6% |
| Year on year (September 2025 to September 2026) | 33.4% |
| Largest September rise | Housing, water, electricity and gas: 3.1% |
Argentina's inflation year by year
The table shows December-to-December inflation for each year from the IMF database, which uses official INDEC figures.
| Year | Inflation (Dec. to Dec.) | Year | Inflation (Dec. to Dec.) |
|---|---|---|---|
| 1998 | 0.7% | 2012 | 10.8%* |
| 1999 | -1.8% | 2013 | 10.9%* |
| 2000 | -0.7% | 2014 | 23.9%* |
| 2001 | -1.5% | 2015 | No official figure |
| 2002 | 41% | 2016 | No official figure |
| 2003 | 3.7% | 2017 | 24.8% |
| 2004 | 6.1% | 2018 | 47.6% |
| 2005 | 12.3% | 2019 | 53.8% |
| 2006 | 9.8% | 2020 | 36.1% |
| 2007 | 8.5%* | 2021 | 50.9% |
| 2008 | 7.2%* | 2022 | 94.8% |
| 2009 | 7.7%* | 2023 | 211.4% |
| 2010 | 10.9%* | 2024 | 117.8% |
| 2011 | 9.5%* | 2025 | 31.5% |
*Between 2007 and 2015 INDEC was under government intervention and its inflation figures were disputed: private and provincial estimates showed annual rises of 20% to 40% in those years. For 2015 and 2016 the IMF has no official figure because INDEC suspended the index while it was rebuilt.
The years with the highest inflation
| Rank | Year | Inflation |
|---|---|---|
| 1 | 2023 | 211.4% |
| 2 | 2024 | 117.8% |
| 3 | 2022 | 94.8% |
| 4 | 2019 | 53.8% |
| 5 | 2021 | 50.9% |
| 6 | 2018 | 47.6% |
| 7 | 2002 | 41% |
The 2023 record is not the historical maximum: in 1989 and 1990 Argentina had hyperinflation, with annual rises of more than 1,000%. Those years fall outside this series, which the IMF publishes for Argentina from 1998.
What happened in each period
- 1998-2001, convertibility: the peso pegged to the dollar kept prices stable, even falling.
- 2002, end of convertibility: devaluation pushed inflation to 41%.
- 2007-2015, INDEC intervention: official figures stopped being reliable.
- 2018-2023, acceleration: devaluations, money printing and the pandemic took inflation from 47.6% to 211.4%.
- 2024-2026, slowdown: after the December 2023 devaluation, inflation fell to 117.8% in 2024, 31.5% in 2025 and around 2% a month in 2026.
What the IMF projects
In its database, the IMF projects inflation of 29.5% for end-2026 and 18% for 2027. Projections change with every report and are not official data.
For comparison, Chile had its worst year of the last five decades in the 1970s, as we detail in inflation in Chile over the last 50 years. And the effect of inflation on pay shows in the Argentine president's frozen salary.
Frequently asked questions
What was Argentina's inflation in 2025?
31.5% December to December, according to the IMF using INDEC data.
What was inflation in September 2026?
1.9% for the month, 23.6% cumulative for the year and 33.4% year on year, according to INDEC.
Which year had the highest inflation since 1998?
2023, with 211.4%.
Why are 2015 and 2016 missing?
Because INDEC suspended the price index while it was rebuilt after years of intervention.
