Bad sign for the government on prices: Wholesale inflation accelerated in November, which would mean a difficult reduction in the retail price index. As INDEC reports, the domestic wholesale price index rose by 1.6%.
Even though it was above the 2.5% of retail inflationrepresented a leap in terms of 1.1% in October. In this way, in the first eleven months of the year there was an increase of 23.2%, while the interannual fluctuation was 24.3%.
Wholesale Inflation Is Rising: Which Items Driven the Rise?
Wholesale inflation in November was a result of the increase 1.8% for “domestic products” and the reduction of 0.6% in “Imported Products”.
Within the “National products”were the divisions with the greatest positive impact on the IPIM “Agricultural products” with 0.51%; “Refined petroleum products” at 0.41%; “Food and beverages”, with 0.30%; and “motor vehicles, bodies and spare parts” at 0.21%; However, “crude oil and gas” had the greatest negative impact with a decline of 0.55%.
It should be remembered that the IPIM shows the development of prices between the middle of one month and the middle of the nextSo in this case the indicator reflects what happened between October 15th and November 15th. During this time it was The wholesale exchange rate recorded a decline of 1.4%although this data must be read in context: there was a downward correction in the previous period more than 5%a move that explains why wholesale inflation was more moderate during this period.
When analyzing performance by sector within the Products of national origin More significant increases were observed refined petroleum products (+3.8%), Vehicles (+3%) And Chemical substances and products (+1.6%)Items that put upward pressure on the overall index despite the decline in the wholesale dollar.
Beyond the monthly increase Javier Milei celebrated the inflation data on its networks: it quoted a message from Luis Caputowho pointed to INDEC data and praised it again: “Come on, Toto. By far the best thing in history.”
Javier Milei’s message after the wholesale inflation data
Retail inflation also accelerated in November
The As the market expected, inflation accelerated again in November 2.3% was recorded in October and has been above 2% for three months. As INDEC reported last week, the consumer price index It rose 2.5% last month, up 27.9% in the first 11 months of the year.
In this way, the interannual variation was 31.4%.
The organization also explained: “The division with the highest monthly increase in November 2025 was Housing, water, electricity, gas and other fuels (3.4%); and the lowest, clothing and footwear (0.5%).
And he concluded: “In November 2025, Cuyo was the region with the highest monthly increase (2.8%); Northwest and Patagonia were the region with the lowest (2.3%).”
It’s worth making that clearTo The trend would continue in Decemberas initial surveys by private consulting companies show. For seasonal reasons Food is hard on you the index, beyond the calm displayed by the dollar.
In this way noThe fact that the dollar has been subdued and consumption has declined has allowed inflation dynamics to decline in recent months. Monthly inflation has increased since May; instead of sinking.
Here is a wake-up call for the government. What impact would a rise in the dollar, no matter how moderate, have? Can consumption improve if inflation continues to account for much of Argentina’s income?
Marina Dal Poggetto, Director of the consulting company Eco Go concludes: “The inflation process will ease from February and March when the seasonal cycle of price increases“, says.
“From then on, the CPI should fall below 2% monthly,” closes.
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