In the early years of the period, inflation remained low or even negative. However, starting in 2002, an inflationary cycle emerged, driven by currency devaluation and macroeconomic imbalances. Over the following decade, year-on-year inflation remained persistently high.
In 2021–2022, inflationary pressures intensified due to a combination of fiscal imbalances, monetary issuance, ineffective price controls, and an unstable peso. Inflation accelerated progressively, reaching very high levels.
In 2023, an exceptional surge occurred, with year-on-year inflation exceeding 200%. This was associated with sharp exchange rate adjustments, tariff updates, a loss of monetary credibility, and accumulated fiscal tensions.
Starting in 2024, a disinflation process began. Fiscal adjustment, reduced monetary issuance, normalization of relative prices, and stronger exchange rate anchoring contributed to slowing year-on-year inflation from extreme levels toward still high, but declining, rates.
In 2025, the downward trend continues, reflecting an environment of greater macroeconomic discipline. Nevertheless, inflation remains high by international standards, indicating that stabilization still requires policy continuity and credibility.
