<\!-- ECONOMIC REPORT JANUARY 2026 -->
New Year, Economy in Transition: Towards Single-Digit Inflation by 2026
Monthly analysis prepared by C&A Integral Consulting · northern Argentina, Argentina
<!-- KEY INDICATORS -->
<\!-- EXECUTIVE SUMMARY -->
📋 Executive Summary
January 2026 begins with inflation returning to 2.41% per three quarters, in line with the government's goal of converging to single digits annually by the end of 2026. Reserves register a seasonal decline due to debt payments in foreign currency, although the level of USD 36.8 billion remains historically high. For northern Argentina, January begins with good news: the inauguration of new facilities at the Salar del Rincón and the start of excavations at the El Pachón copper project in San Juan/northern Argentina position the region as a key player in the 2026 investment agenda.
<\!-- INFLATION TREND -->
📊 Monthly Inflation Trends — Last 13 Months
| Month | Monthly CPI | Display | Comparison |
|---|---|---|---|
| Jan 2025 | 2,3% | Minimum mid-2021 | |
| Feb 2025 | 2,4% | ||
| March 2025 | 3,7% | Effect of tariffs | |
| Apr 2025 | 3,0% | ||
| May 2025 | 3,2% | ||
| June 2025 | 2,7% | ||
| Jul 2025 | 2,5% | ||
| Aug 2025 | 2,4% | ||
| Sep 2025 | 2,8% | ||
| Oct 2025 | 2,5% | ||
| Nov 2025 | 2,3% | Minimum 2025 | |
| Dec 2025 | 2,7% | Seasonal | |
| ✔ Ene 2026 | 2,4% | Start of the year |
Source: INDEC – National CPI. Prepared by C&A Integral Consulting.
<\!-- MINING SECTOR northern Argentina -->
⛏️ Mining sector of northern Argentina: Analysis and Perspectives
January 2026 marks the beginning of a year that promises to be historic for mining in northern Argentina. The Argentina-European Union Framework Agreement for the supply of critical lithium was ratified in December 2025, securing long-term contracts for production in Salta and Jujuy provinces.
| Mineral | Exports 2026 (approx.) | Var. ia. | Perspective |
|---|---|---|---|
| Lithium (carbonate) | USD 120M+ | +15% | ▲ Expansion |
| Borates | USD 18M | +3% | → Stable |
| Lead/Zinc (Jujuy) | USD 29M | +9% | ▲ Expansion |
| Oil and Gas | USD 75M | +6% | ▲ Expansion |
Source: INDEC – Foreign Trade Statistics. Provincial Mining Secretariats. Prepared by the author.
<\!-- NORMATIVE CONTEXT -->
⚡ Novedades Normativas y Tributarias — Enero 2026
| Body | Regulations / Resolution | Impact on companies | Relevance |
|---|---|---|---|
| ARK | New withholding structure 2026: update of taxable amounts | Companies must verify the tables updated as of 01/01/2026 | HIGH |
| UIF | Resolution 3/2026: New reporting obligations for the technology sector | Startups and fintechs with operations in northern Argentina incorporated as obligated entities | HIGH |
| BCRA | Presentation of the 2026 Monetary Program: 18-20% inflation target | It establishes the exchange rate and monetary policy framework for the entire year. | HIGH |
| northern Argentina | Provincial Omnibus Law 2026: Tax simplification for SMEs | Reduction of procedures and unification of due dates for companies up to $1,000M | AVERAGE |
Source: Official Gazette, UIF resolutions, BCRA and provincial Ministries of Finance. Prepared by the author.
<\!-- PERSPECTIVES -->
🔭 Perspectivas para Febrero 2026
- 2026 inflation target: 18-20% (ambitious but achievable)
- Copper works begin at El Pachón
- Argentina-EU lithium agreement in force
- Post-Christmas consumption recovery
- Debt maturities Feb/Mar 2026
- Seasonal pressure on reserves
- Salary and collective bargaining updates
- Tariff adjustment Q1 2026 pending
<\!-- CTA -->
Is your company prepared for the 2026 context?
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This report was prepared using data from INDEC, BCRA, the Ministry of Economy, provincial mining secretariats, and industry sources. The data reflects information available as of the end of January 2026. C&A Integral Consulting is not responsible for decisions made solely based on this report.
