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Analysts Expect CPI Inflation To Slow To 5.2% M/m In May

ARGENTINA
  • No macro data are due today, with focus next week turning to May CPI inflation data on Thursday. Yesterday, the BCRA’s latest expectations survey showed that economists expect monthly inflation to slow to +5.2% m/m in May, down from +7.5% m/m expected in the previous survey and below the +8.8% m/m outturn in April. Inflation is forecasted to end the year at 146.4% y/y, down 14.9%-points from the previous survey. Meanwhile, the economy is expected to contract by 3.8% this year, worse than the -3.5% forecast in the previous month.
  • Separately, it was reported last night that the Senate will debate the government's reform bill from 1400BST(0900ET) on June 12. According to one person familiar with the matter, ongoing negotiations over the reform package contributed to President Milei’s cancellation of a visit with French President Macron yesterday. Milei is due to attend the G-7 meetings in Europe next week.
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