Definition
Monthly inflation measures the percentage change in the general price level from one month to the next. It is one of the key indicators for assessing the stability of the currency’s purchasing power, the effectiveness of monetary policy, and the macroeconomic environment in which households, firms, and the public sector make decisions.
Analysis
In the early part of the series (early 2000s), monthly inflation remained at low levels, with some months of deflation or very limited price changes. From 2004–2005 onward, a phase of gradual acceleration begins, intensifying from 2014 onward, when monthly readings recurrently exceeded 2–3% and consolidated a high-inflation regime.
Between 2018 and 2022, inflation dynamics became clearly more volatile and elevated, with several episodes above 4–6% per month and peaks exceeding 7%. In 2023, a shift to an environment of very high inflation occurred, with double-digit monthly rates and a peak of around 25% toward the end of the year, reflecting a severe deterioration of the nominal anchor.
Starting in 2024, the series shows a process of disinflation: monthly readings decline from double-digit rates to levels closer to 2–4% per month in 2024–2025. Although these levels remain high by international standards, they mark a significant correction relative to the previous inflationary peak. The sustainability of this disinflation will depend on consistency between monetary, fiscal, and exchange rate policies, as well as on the credibility of the medium-term economic program.