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Consumer prices in Argentina rose 2.9% month-on-month in January 2026, following a 2.8% increase in December and above expectations of 2.5%. Prices slowed for recreation and culture (1.0% vs. 2.5% in December), but accelerated for restaurants and hotels (4.1% vs. 3.2%), while housing, water, electricity, gas and other fuels eased (3.0% vs. 3.4%) and communication picked up (3.6% vs. 3.3%). Prices rose more slowly for transportation (1.8% vs. 4.0%), and clothing and footwear turned negative (-0.5% vs. 1.1%). Alcoholic beverages and tobacco rose less sharply (1.5% vs. 2.8%), and home equipment and maintenance moderated (1.8% vs. 2.0%). Food and non-alcoholic beverage prices accelerated to 4.7% (vs. 3.1% in December). On a year-on-year basis, consumer prices climbed 32.4% in January, up from 31.5% in December, continuing the modest pickup in inflation after the disinflationary trend earlier in 2024.

Argentina Inflation Accelerates in January

Sunflower oil futures hovered near $1,540 per tonne, testing mid 2022 highs as persistent supply tightness from the Black Sea collided with steady global demand and few short term substitutes, leaving the market with little spare capacity. Prices have surged to levels last seen during the early war period after processing bottlenecks and attacks on Ukrainian crushing facilities curtailed export availability and drove regional FOB prices sharply higher. Intermittent Russian export restrictions and variable duties have further constrained flows, adding friction and reducing shipment reliability for buyers. While Argentina has increased crushing and doubled sunflower oil exports in January 2026, this additional supply has only partially eased the imbalance, as much of the output is absorbed by established trade routes and strong byproduct demand.

Sunflower Oil Holds Near Mid-2022 Highs

Corn futures hovered around $4.30 per bushel, struggling to build on their late January rebound after the February WASDE confirmed that demand is improving but still insufficient to materially tighten supply. USDA lifted US exports by 100 million bushels to 3.3 billion as January sales and inspections remained firm, trimming ending stocks to 2.1 billion bushels, yet that carryout still implies a comfortable supply buffer relative to consumption. Globally, total coarse grain production remains near 1.59 billion tons, while global corn stocks, though reduced by 1.9 million tons to 289 million, remain ample as higher inventories in Ukraine and Iran offset tighter balances elsewhere. As a result, incremental gains in export and feed demand are being absorbed by sheer supply rather than translating into sustained price pressure. Expectations of another large Brazilian crop and only marginal supply adjustments abroad further point to intense export competition.

Corn Struggles to Rebound

The FTSE MIB edged down to close at 46,803 on Tuesday, in a session marked by mixed corporate results. Financial stocks weighed on the index, with MPS down 3.4% and Mediobanca off 0.4%. Despite a 39.2% year-on-year rise in MPS’s 2025 profit, Mediobanca, acquired by MPS in September, had a negative €34.2 million impact on group results. Likewise, UniCredit fell 2.7% and Generali slipped 1.4%. In contrast, Ferrari surged 10.2% after reporting stronger-than-expected fourth-quarter results and issuing guidance pointing to further growth in 2026. CEO Benedetto Vigna said feedback on Ferrari’s first fully electric model has been very positive ahead of pre-orders opening next month. Elsewhere, Telecom Italia (+0.6%) and Generali are set to release earnings on Wednesday.

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Argentina Inflation Accelerates in January

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United States API Crude Oil Stock Change