{"id":2594,"date":"2026-03-31T10:00:00","date_gmt":"2026-03-31T10:00:00","guid":{"rendered":"https:\/\/consultingcya.com.ar\/informe-economico-marzo-2026\/"},"modified":"2026-04-18T20:37:12","modified_gmt":"2026-04-18T20:37:12","slug":"informe-economico-marzo-2026","status":"publish","type":"post","link":"https:\/\/consultingcya.com.ar\/en\/informe-economico-marzo-2026\/","title":{"rendered":"Economic Report | March 2026 \u2014 Tariffs and Costs in Focus: NOA Aims for a 2026 of Mining Consolidation and Investment"},"content":{"rendered":"

<\\!-- ECONOMIC REPORT MARCH 2026 --> <\/p>\n

\n
\u25aa INFORME ECON\u00d3MICO \u00b7 MARZO 2026<\/div>\n

Tariffs and Costs in Focus: Northern Argentina Aims for a 2026 of Mining Consolidation and Investment<\/h2>\n

Monthly analysis prepared by C&A Integral Consulting<\/strong> \u00b7 northern Argentina, Argentina<\/p>\n<\/div>\n

<!-- KEY INDICATORS --><\/p>\n

\n
\n
National CPI<\/div>\n
3,1%<\/div>\n
Monthly variation \u00b7 INDEC<\/div>\n
\u2191 vs 2.2% Feb \u2014 tariff effect 2026<\/div>\n<\/p><\/div>\n
\n
Official Exchange Rate<\/div>\n
$1.346<\/div>\n
Monthly average \u00b7 BCRA<\/div>\n
Exchange rate band: operating with stability<\/div>\n<\/p><\/div>\n
\n
Gross Reserves BCRA<\/div>\n
USD 38.5 billion<\/div>\n
As of the close of March 2026<\/div>\n
\u2191 Yearly high \u2014 soybean harvest<\/div>\n<\/p><\/div>\n
\n
Primary Fiscal Result<\/div>\n
Surplus<\/div>\n
22nd consecutive month \u00b7 Mecon<\/div>\n
IMF target: met<\/div>\n<\/p><\/div>\n<\/div>\n

<\\!-- EXECUTIVE SUMMARY --><\/p>\n

\ud83d\udccb Resumen Ejecutivo<\/h3>\n

March 2026 replicates the pattern observed in March 2025: the semi-annual tariff adjustment pushes the CPI to 3.11% (3-monthly inflation rate), temporarily breaking the disinflationary trend. However, the context is substantially better than a year ago: inflation expectations are anchored, the exchange market remains stable within the band, and core inflation remains below 2.51% (3-month inflation rate). For northern Argentina, March is the month of agricultural foreign exchange earnings: the soybean harvest in the Chaco region of Salta and Jujuy, along with continued mining exports, pushes the Central Bank's reserves to a new yearly high.<\/p>\n

<\\!-- INFLATION TREND --><\/p>\n

\ud83d\udcca Evoluci\u00f3n de la Inflaci\u00f3n Mensual \u2014 \u00daltimos 13 Meses<\/h3>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Month<\/th>\nMonthly CPI<\/th>\nDisplay<\/th>\nComparison<\/th>\n<\/tr>\n<\/thead>\n
March 2025<\/td>\n3,7%<\/td>\n\n
<\/div>\n<\/td>\n
Rates 2025<\/td>\n<\/tr>\n
Apr 2025<\/td>\n3,0%<\/td>\n\n
<\/div>\n<\/td>\n
<\/td>\n<\/tr>\n
May 2025<\/td>\n3,2%<\/td>\n\n
<\/div>\n<\/td>\n
<\/td>\n<\/tr>\n
June 2025<\/td>\n2,7%<\/td>\n\n
<\/div>\n<\/td>\n
<\/td>\n<\/tr>\n
Jul 2025<\/td>\n2,5%<\/td>\n\n
<\/div>\n<\/td>\n
<\/td>\n<\/tr>\n
Aug 2025<\/td>\n2,4%<\/td>\n\n
<\/div>\n<\/td>\n
<\/td>\n<\/tr>\n
Sep 2025<\/td>\n2,8%<\/td>\n\n
<\/div>\n<\/td>\n
<\/td>\n<\/tr>\n
Oct 2025<\/td>\n2,5%<\/td>\n\n
<\/div>\n<\/td>\n
<\/td>\n<\/tr>\n
Nov 2025<\/td>\n2,3%<\/td>\n\n
<\/div>\n<\/td>\n
<\/td>\n<\/tr>\n
Dec 2025<\/td>\n2,7%<\/td>\n\n
<\/div>\n<\/td>\n
<\/td>\n<\/tr>\n
Jan 2026<\/td>\n2,4%<\/td>\n\n
<\/div>\n<\/td>\n
<\/td>\n<\/tr>\n
Feb 2026<\/td>\n2,2%<\/td>\n\n
<\/div>\n<\/td>\n
Minimum bimonthly<\/td>\n<\/tr>\n
\u2714 Mar 2026<\/td>\n3,1%<\/td>\n\n
<\/div>\n<\/td>\n
Tariff effect<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

Source: INDEC \u2013 National CPI. Prepared by C&A Integral Consulting.<\/p>\n

<\\!-- MINING SECTOR northern Argentina --><\/p>\n

\u26cf\ufe0f sector minero del norte argentino: An\u00e1lisis y Perspectivas<\/h3>\n

March 2026 marks the start of the new mining exploration season in northern Argentina. The Sal de Oro lithium project begins its feasibility studies with an investment of USD 95 million, while the first export from the Taca-Taca copper project is projected for Q4 2026.<\/p>\n

\n\n\n\n\n\n\n\n\n
Mineral<\/th>\nExports 2026 (approx.)<\/th>\nVar. ia.<\/th>\nPerspective<\/th>\n<\/tr>\n<\/thead>\n
Lithium (carbonate)<\/td>\nUSD 120M+<\/td>\n+15%<\/td>\n\u25b2 Expansion<\/span><\/td>\n<\/tr>\n
Borates<\/td>\nUSD 18M<\/td>\n+3%<\/td>\n\u2192 Stable<\/span><\/td>\n<\/tr>\n
Lead\/Zinc (Jujuy)<\/td>\nUSD 29M<\/td>\n+9%<\/td>\n\u25b2 Expansion<\/span><\/td>\n<\/tr>\n
Oil and Gas <\/td>\nUSD 75M<\/td>\n+6%<\/td>\n\u25b2 Expansion<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Source: INDEC \u2013 Foreign Trade Statistics. Provincial Mining Secretariats. Prepared by the author.<\/p>\n<\/div>\n

<\\!-- NORMATIVE CONTEXT --><\/p>\n

\u26a1 Novedades Normativas y Tributarias \u2014 Marzo 2026<\/h3>\n
\n\n\n\n\n\n\n\n\n
Body<\/th>\nRegulations \/ Resolution<\/th>\nImpact on companies<\/th>\nRelevance<\/th>\n<\/tr>\n<\/thead>\n
ARK<\/td>\nRG 5701\/2026: update of the simplified export regime for SMEs<\/td>\nExporting companies with revenue <USD 2M acceden a tr\u00e1mite simplificado<\/td>\nHIGH<\/span><\/td>\n<\/tr>\n
UIF<\/td>\nResolution 15\/2026: new procedures manual for the mining sector<\/td>\nIt incorporates FATF 2025 standards and specific protocols for lithium and copper<\/td>\nCRITICISM<\/span><\/td>\n<\/tr>\n
BCRA<\/td>\nSemi-annual review of exchange rate bands: upward adjustment of limits<\/td>\nNew band: $1.200\u2013$1.600. Market operates near the floor<\/td>\nHIGH<\/span><\/td>\n<\/tr>\n
northern Argentina<\/td>\nDecree: Approval of the Strategic Mining Plan 2026\u20132030<\/td>\nRoadmap for 15 new mining projects and 12,000 direct jobs<\/td>\nAVERAGE<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

Source: Official Gazette, UIF resolutions, BCRA and provincial Ministries of Finance. Prepared by the author.<\/p>\n

<\\!-- PERSPECTIVES --><\/p>\n

\ud83d\udd2d Perspectivas para Abril 2026<\/h3>\n
\n
\n
\u2705 Se\u00f1ales Positivas<\/div>\n