In November 2025, the Consumption Indicator (IC) from the Argentine Chamber of Commerce and Services (CAC) showed a year-on-year decrease of 2.8%. This decline follows several months of recovery and also represents a seasonally adjusted drop of 1.3% compared to October.
The IC, developed by CAC, tracks household consumption of goods and services on a monthly basis. According to CAC, “This indicator developed by the CAC reflects the evolution of household consumption in final goods and services with monthly frequency, expanding and complementing the information contributions made by the Chamber for monitoring commerce and economic activity.”
November’s result marks an exception in 2025, which had previously seen positive year-on-year changes each month. The seasonally adjusted comparison removes recurring annual effects to provide a clearer view of trends. In this context, November saw a 1.3% decline from October.
CAC noted that this trend should be considered alongside inflation developments. Inflation accelerated slightly in the second half of 2025; November’s Consumer Price Index (CPI) rose by 2.5%, marking the third consecutive month above 2%. The year-on-year change from November 2024 to November 2025 was 31.4%, with accumulated inflation for all of 2025 at 27.9%.
Looking at medium-term trends, overall price variation remains within a stable pattern established since 2024. After volatility linked to pre-election expectations in October, November began with favorable legislative election results for the government, contributing to stability. Changes to currency band policies have helped maintain calm regarding exchange rates, prices, and incomes as the government prepares structural reform proposals expected to shape next year’s political agenda.
Consumption patterns often align with broader economic activity indicators such as Argentina’s Monthly Economic Activity Estimator (EMAE). In both 2024 and most of 2025, both IC and EMAE generally moved together: negative in 2024 but positive throughout most of this year except for November’s exception. As of October—the latest available data—EMAE posted its thirteenth consecutive year-on-year increase at 3.2%. However, when adjusted for seasonal factors, it declined by 0.5%, ending three months of continuous growth.
Different sectors contributed unevenly to these results:
– Clothing and footwear grew an estimated 16.8% year-on-year in November against a low base from last year.
– Transport and vehicles declined by -2% compared to last November but continued seeing strong vehicle registrations.
– Recreation and culture increased by 5.2%, offsetting some general declines.
– Housing, rentals, and public services fell by about -0.6%.
– Other sectors experienced a combined fall of -5.7%.
– Fast-moving consumer goods (FMCG) were nearly flat year-on-year (-0.1%) but fell -1.8% month-to-month after seasonal adjustment.
Credit availability has grown steadily since early 2024 following an initial sharp contraction; however, recent data suggests this growth is slowing down especially for credit cards and personal loans.
Summarizing these findings, mass consumption is showing slight recovery after significant declines in 2024 while durable goods continue their upward trend over the past eighteen months—though at a slower pace recently—shifting household spending composition toward durables rather than everyday items.
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