Recent monthly inflation prints at 2.1% in May and 1.9% in June have sustained disinflation momentum under President Milei’s fiscal austerity and tighter monetary stance, keeping trader focus on whether July’s rate can extend the sub-2% streak or rebound amid seasonal food volatility and pending utility adjustments. Year-over-year rates near 33.5% reflect the still-elevated base, while peso stability and central bank reserve building support lower price pressures. With implied probabilities evenly distributed across bins from ≤1.1% through 3.0%+, markets price substantial uncertainty over the pace of moderation versus upside risks from regulated price resets. The August INDEC release will resolve the July outcome amid ongoing debates on the durability of the current policy path.