On July 17, the National Institute of Statistics and Censuses (“INDEC”) published the Domestic Wholesale Price Index (Índice de Precios Internos al por Mayor – “IPIM”) for June 2026. The index recorded a 1.1% increase compared to the preceding month, representing a 1.4 percentage point deceleration from the 2.5% increase recorded in May. This constitutes the lowest June variation since the beginning of the current statistical series (December 2015). The June IPIM increase was also lower than the Consumer Price Index (“CPI”) inflation rate for the same month, which stood at 1.9%.
By component, the following increases were recorded: domestically produced goods increased by 1.0%, while imported goods rose by 2.3%. Within the domestic goods category, electricity registered the most significant positive contribution (+6.6%), whereas food products exerted downward pressure on the index. The Domestic Basic Producer Price Index (IPIB) (excluding the effect of indirect taxes) and the Producer Price Index (IPP) also increased by 1.1% during the month.
The June IPIM figures constitute a positive indicator, as wholesale inflation generally serves as a leading indicator of consumer inflation. Prices paid by producers and importers tend, with a time lag, to be passed through to the prices ultimately paid by consumers. Accordingly, a deceleration in the IPIM suggests that cost pressures at the initial stages of the production and distribution chain are easing, thereby reducing the likelihood that the CPI (consumer inflation) will continue to increase or accelerate in the coming months.
The decline in wholesale inflation also contributes to greater economic predictability, enabling businesses and commercial enterprises to plan pricing strategies and contractual arrangements with a lower degree of uncertainty. In this regard, the June data provide further evidence supporting the sustainability of the ongoing disinflation process.
On a cumulative basis, wholesale inflation reached 15.6% during the first half of 2026, while the year-over-year increase stood at 33.7%.
