Buenos Aires Herald 
Argentina’s inflation rate for March was 3.4%, according to a report by the government’s statistics agency, INDEC, released on Tuesday.
The figure was once again higher than the previous month, marking the tenth consecutive month that the inflation rate had not gone down. It is also the second-highest figure over the past 12 months, trailing only the 3.7% registered in March 2025.
Prices increased 32.6% interannually. The economic sector with the largest monthly jump was education, with a 12.1% jump that coincides with the beginning of school.
The second largest increase was transport, a 4.1% jump propelled by rises in fuel, as well as ticket prices for public transport and air travel.
Housing, water, electricity, gas, and other fuels saw a 3.7% bump, mostly driven by the rise in utility bills in most provinces.
Recreation and culture (3.6%), restaurants and hotels (3.4%), and food and non-alcoholic beverages (3.4%) followed.
In the first three months of the year, accumulated inflation was 9.4%. The government’s 2026 budget had forecast a 10.1% increase in prices for the entire year.
Reactions and explanations
President Javier Milei reacted swiftly to the news, calling the number “bad” in a post on X.
The president, however, went on to say that he had “concrete evidence” that would help him explain what has happened as well as show how inflation would “return to its downward trend in the future.”
Milei stated that he would elaborate on the matter during his speech at the 2026 AmCham summit on Tuesday evening.
Speaking at a book presentation in Rosario on Monday, Economy Minister Luis Caputo had already acknowledged that inflation would be higher than in February.
“It will surely be higher than 3%,” he said, closing with an optimistic note: “We’ve been experiencing a disinflation and growth process since April. There’s no trade-off; we’re going to see disinflation and growth; the best months are yet to come.”
Caputo also tweeted detailing the inflation number across different sectors, closing with a prognosis of certain developments that should cause the figure to drop.
“As the lagged impact of last year’s pre-election plunge in money demand weakens, fiscal and monetary order will allow inflation to continue its convergence toward international levels.”
Cover photo credit: Mariano Fuchila
