Argentina’s prices went up by 2.1% in September, a slight increase from the previous month’s 1.9% inflation rate, figures released by the INDEC statistics bureau showed on Tuesday afternoon.

Prices rose by 31.8% in the past 12 months and by 22% in the first nine months of the year.

The divisions with the highest increases in the month were housing and education, both increasing 3.1% due to hikes in rent and private school fees. 

The INDEC also announced it would change the way it measures inflation from January 2026 onwards. The institute is set to replace the current goods basket, which dates back to 2004, with a more recent selection from 2017-2018.

The Economy Ministry celebrated the figure in a communiqué posted on social media. “Despite the financial volatility generated by political noise, inflation remained at levels similar to previous months,” they wrote, saying the result was “thanks to the strength of a macroeconomic program based on fiscal anchoring, no monetary issuance, and the recapitalization of the Central Bank of Argentina.”

A report by the Center of Argentine Political Economy (CEPA) said September’s price rises were driven mostly by the peso weakening against the dollar. It noted that the average exchange rate with the greenback was 5.3% higher than it was in August, but downward pressure from falling sales meant that not all of that difference transferred through to prices. The government capping increases in public service fees, medicines, health insurance payments, and state wages also dampened inflation. 

“Gasoline prices and the evolution of fruit and vegetable prices pushed prices up this time,” the report added.