November’s Consumer Price Index (CPI) data has reignited the debate over inflation trends. Indec reported that prices rose 2.5% in the penultimate month of the year, up 27.9% this year and 249% since Javier Milei took office.
Not only was the figure the worst record since April, it was also one percentage point above the 1.5% floor in June and marked six straight months of acceleration. Additionally, it recorded a year-on-year increase for the first time since May 2024.
This shows how difficult it is for the government to break the 2% monthly limit again. According to estimates, Milei’s wish would be postponed until 2026.
“It is difficult for inflation levels to quickly approach below 1% in the short term. For the coming months, we continue to forecast inflation levels in the region of 2%. We expect 2026 to end with annual inflation of 20% from December,” LCG emphasized.
“Within the framework of the government’s monetarist logic, this increase in the price index must be linked to one of the following two causes: either the supply of money has increased (the currency anchor is not functional) or the demand for money has fallen (that is, confidence in the peso and therefore in the economic plan is decreasing). November is marked by the official victory of the general elections, so the recourse to this type of explanation is somewhat limited. From a broader perspective, the acceleration of inflation could be linked to an economic plan that loses credibility,” said Haroldo Montagú from the consulting firm Vectorial.
Libertarian management. Since Milei took office, inflation has risen by 249%, according to estimates by the Argentina Grande Institute (IAG). The value of goods increased by 213% from November 2023 to November 2025, while the services sector increased by 356%.
“This is linked to the opening of trade, which makes it easier to import goods such as clothing, which has only increased by 147% since the change of leadership, or household appliances, which have increased by 184%. It is more difficult to replace services, prepaid, electricity, gas, water with imported products,” emphasized the IAG.
In this sense, a study by the Argentine Institute of Financial Analysis (Iaraf) showed that in the libertarian government so far seven items increased their relative price, that is, compared to the general average. In this sense, rents and public services were the components that increased the most.
This was also reflected in the analysis of disposable household income, i.e. the money that arises after fixed costs have been paid. According to Empiria calculations, it was 3.8% below the level before Milei took office.
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