The fight against inflation has reached a significant milestone in the nation’s capital. According to the latest report from the Statistics and Census Institute of the City of Buenos Aires (IPCBA), inflation for November 2025 dropped to 2.4%, marking its lowest monthly level in nearly four years. This figure, which sits below the national average of 2.5%, provides further evidence that the Milei administration’s “Zero Deficit” and “Monetary Anchor” policies are successfully dismantling the structural price spiral that once gripped the country.

Analyzing the “CABA Surprise”

The 2.4% print in the City of Buenos Aires is not just a statistical win; it’s a reflection of a cooling economy where price stability is becoming the new baseline.

  • Goods vs. Services: For the first time in months, Goods (2.3%) rose at a slower pace than Services (2.5%), indicating that the lifting of the exchange rate “cepo” and the opening of imports are effectively capping the price of consumer products.

  • The “Nucleo” Victory: Core inflation (Resto IPCBA) propped up at 2.5%, signaling that the underlying inflationary trend is converging toward the government’s monthly targets.

  • Lowest in Years: This is the first time since late 2021 that the City has recorded a figure this low, representing a total departure from the double-digit chaos of 2023.

A Regional Lead in Stability

While the national IPC (INDEC) recorded 2.5% for the same period, the City of Buenos Aires is leading the way in the disinflation process.

  • Winners and Losers: The sectors with the lowest increases were Clothing and Footwear (0.5%) and Home Equipment (1.1%), while the most significant pressures came from regulated price adjustments in utilities and transport.

  • Annual Outlook: With this November print, the City’s accumulated inflation for 2025 stands at 28.3%, a figure that would have been laughed at by analysts just 18 months ago.

The Government’s Reaction: “Stability is Non-Negotiable”

From the Casa Rosada, the sentiment is one of quiet triumph. Economy Minister Luis Caputo highlighted that the stabilization of the City’s prices is the “natural result” of ending the fiscal deficit and the “indiscriminate printing of the past.”

“We are proving that inflation is, always and everywhere, a monetary phenomenon. By stopping the printing press, we have stopped the theft of the Argentine people’s purchasing power.” — Government Source

The Path to 2026

As Argentina moves toward the end of 2025 and enters 2026, the focus is shifting from “crisis management” to “structural growth.” The 2.4% inflation rate in CABA is being viewed by international markets as a “green light” for further investment. For the Milei administration, the message is clear: the “Forces of Heaven” have tamed the beast of inflation, and the era of economic predictability has finally returned to the streets of Buenos Aires.