By Hernan Nessi

BUENOS AIRES (Reuters) – Argentina’s monthly inflation likely rose to 2.7% last month, an acceleration from November’s 2.4% reading, according to the median expectations of analysts polled by Reuters.

Argentina’s economy is struggling against high inflation that ended 2023 at 211.4% and peaked at nearly 300% in April. A poll of central bank analysts released last week predicts the rate will end 2024 at 117.8% and break into double digits this year, closing 2025 at 25.9%.

About 20 analysts polled by Reuters forecast monthly inflation levels between 2.3% and 3.0%.

Analysts predicted a slight acceleration in December from last month, driven mainly by food and entertainment prices due to the start of the year-end holiday period in the South American country.

Consulting firm Management & Fit said the increase in food prices is mainly driven by meat prices, but that increase is also expected in the health care and education sectors.

“Despite the relative stability of seasonal and regulated prices, inflation is not expected to continue on its downward path,” said Ignacio Ruiz, an economist at the consulting firm Ecolatina, pointing to an expected 6% to of the 7% increase in the price of meat.

Ruiz forecast core inflation, which strips out some of the more volatile food and energy prices, to be around 3% in December.

Clara Alesina, an economist at Fundacion Libertad y Progreso, a think tank, said 2024 was marked by “extraordinary progress in economic stabilization.”

“This deceleration trend is expected to continue, which will bring the annual inflation to a level below 30%, which will mark the lowest level since 2017,” said Alesina.

Argentina’s INDEC statistics agency is expected to publish December inflation data on Tuesday.