MercoPress. South Atlantic News Agency

Argentina: Indec says April's inflation stood at 2.8%

Milei said Caputo was the best Economy Minister in history

Argentina's Consumer Price Index (CPI) reached 2.8% in April 2025, the National Institute of Statistics and Census (Indec) reported Wednesday in Buenos Aires, much to President Javier Milei's content and the bafflement of the population coping with an unmatching reality.

Indec's April figures represented a decrease from 3.7% in March. The year-to-date increase was 11.6%, with a yoy cumulative inflation of 47.3%, the lowest in four years.

It was also the Indec's first CPI report after the removal of the exchange rate stocks and the introduction of a floating band. So far this year, the CPI was reported as follows: January 2.2%, February 2.4%, and March 3.7%.

According to the Indec, Restaurants and hotels posted the highest increase (4.1%), driven by food and beverage costs, followed by Recreation and Culture (4%). Foodstuffs and non-alcoholic beverages (2.9%) had the highest regional impact, with rises in meat, dairy, and cereals. The lowest increases were recorded in Transport (1.7%) and Household equipment and maintenance (0.9%).

Core CPI Goods (those not depending on seasonal variations) rose 3.2%, followed by Seasonal prices (1.9%) and Regulated prices (1.8%).

The Central Bank's (BCRA) REM survey had projected a 3.2% CPI for April, while consulting firms estimated 2.6%–3.3%.

President Javier Milei celebrated the 2.8% rate, praising Economy Minister Luis Toto Caputo and emphasizing the ongoing disinflation process driven by fiscal surplus, controlled money supply, and a free exchange rate, fueling expectations of further stabilization in May.

“I remind you that several hit men with microphones and econochantas were saying that the inflation rate for the month of April would jump to levels of 5% to 7%...,” wrote Milei on social networks. “To those who feel like having fun, I propose that they go and put together the file of mandrills,” he added in his usually defiant tone. He also said Caputo was “the best” Economy Minister ”in history by far.