The Argentine National Institute of Statistics and Censuses (INDEC) announced that the inflation rate for February 2023 was 2.9%, matching the rate from January. This figure signifies that inflation has remained at elevated levels, with February's rate being the highest since March of the previous year, which recorded 3.7%. Notably, this marks nine consecutive months where the Consumer Price Index (CPI) has not decreased, maintaining an accumulated annual increase of 33.1%.

In terms of core inflation, which excludes regulated and seasonal prices, the rate was slightly higher at 3.1%, compared to the previous month’s index of 2.6%. The continuation of a core inflation rate above the 2% monthly target is concerning for the Argentine government, which aims to initiate a process of disinflation—a goal that has stalled since June last year. The inability to lower inflation rates is compounded by external factors, particularly the rising oil prices resulting from geopolitical tensions in the Middle East, which are anticipated to influence the CPI for March.

The February inflation data is significant as it follows the controversial departure of Marco Lavagna from INDEC earlier in the month, amid disagreements with the current government's economic policies under Javier Milei. This change in leadership at INDEC raises questions about the reliability and political influence over economic reporting in Argentina. As inflation continues to affect the Argentine economy, the government faces growing pressure to address the ongoing financial instability and re-establish confidence in its economic policies.