An analysis of the economic regime change under the Milei administration, where the February Domestic Wholesale Price Index (IPIM) marks a historic turning point toward stability.

The data is on the table, yet some still refuse to see the obvious. The Domestic Wholesale Price Index (IPIM) recorded an increase of just 1% per month in February 2026, with a year-on-year variation of 25.6%. However, focusing on the annual figure is living in the past; what truly matters is the dynamic unfolding now, which anticipates a much deeper shift.

Breaking the Inflationary Logic

When the monthly rate hovers around 1%, we aren’t just seeing a simple slowdown; we are seeing a rupture with previous logic. If we annualize the most recent dynamic, wholesale inflation is running at 13%, and if we take the last two months, it’s at 17%. These numbers are a far cry from the inflationary regime that dominated for years.

This isn’t a temporary fluke; it’s the direct result of:

  • The end of monetary printing: The use of the central bank to finance the deficit has been terminated.

  • Attacking the cause, not the symptom: By cutting off the artificial expansion of money, the root of price increases has been eliminated.

The IPIM as a Leading Indicator

It is vital to understand that prices do not all adjust at the same time. The dynamic follows a path: it hits production costs first, then wholesale prices, and finally retail (consumer) prices. Therefore, the current stability in the wholesale sector is the future scenario for the pockets of all Argentines.

A Social and Economic Regime Change

Inflation is, at its core, a form of hidden expropriation that eroded wages and destroyed savings. By eliminating it, clear rules are restored, allowing for long-term planning.

  • Wages: They stop lagging behind prices.

  • Savings: They regain their economic meaning.

  • Investment: Becomes possible again thanks to stable economic calculation.

While the year-on-year data still reflects the inertia of the past, the main engine of inflation has been deactivated. The conclusion of this analysis is definitive: inflation, at its root, has already been defeated. What we are seeing now is not its persistence, but its final retreat.