Argentina’s wholesale price index rose 1.1% month-on-month in June, down sharply from 2.5% in May and the slowest pace since February, the national statistics agency reported on Friday. The reading brought the twelve-month rate to 33.7% and placed wholesale inflation below the 1.9% consumer price increase for the same month. The deceleration was led by a 5.3% monthly drop in crude oil and gas prices, which tracked the retreat in international Brent crude as Middle East tensions eased. Domestic primary products fell 1.2%, while manufactured goods rose 1.6% and imported products climbed 2.3%, partly reflecting a 3% depreciation of the official peso during the measurement period. Food and beverage prices edged down 0.3%.

In the United States, industrial production inched up 0.1% in June, missing consensus forecasts that had centred on a 0.2% to 0.4% gain. Manufacturing output was flat, while mining and utilities rose 0.4%, and capacity utilisation slipped to 76.1%. Separate data showed import prices unexpectedly rose 0.3% on the month, driven by a 0.4% increase in non-fuel goods and a 0.9% jump in Chinese imports—the largest since January 2008. Export prices fell 0.6%, the first decline since May 2025. Viewed from Washington, the figures suggest a cooling but still resilient industrial sector, with persistent import price pressures even as the dollar strengthened.

Morocco’s planning agency forecast that inflation would stabilise at 1.1% year-on-year in the second quarter, as a rebound in fuel costs pushed non-food prices up 2.5% while food deflation moderated. In Brazil, the central bank’s IBC-Br activity index rose 0.1% in May, with services and industry gains offsetting a 1% drop in agriculture. The reading, which informs interest-rate decisions, points to sluggish growth with the Selic rate at 14.25%.

The next test for Argentina’s disinflation path will be July’s consumer price data, due in mid-August, while the US Federal Reserve and Brazil’s Copom will scrutinise incoming activity and price figures at their upcoming policy meetings.