Recent July inflation data at 2.1% month-on-month—slightly above consensus and ending three prior months of deceleration—has anchored trader expectations for August around the 1.8% mark amid ongoing disinflation under Argentina’s fiscal surplus and tight monetary stance. Central bank surveys and private forecasts project a moderation to roughly 1.8% for August, reflecting normalized seasonal pressures after winter holiday effects and continued relative price adjustments. The near-even split between the 1.5-1.7% and 1.8-2.0% bins captures uncertainty over the pace of momentum resumption, with year-end 2026 forecasts now centered near 29-30% following recent downward revisions. Key upcoming catalysts include the INDEC release in mid-September and any shifts in BCRA policy communications.