May 22nd, 2026
1. Argentina registered a trade and financial surplus in April
In April 2026, Argentina registered two positive results in its key macroeconomic indicators: a record trade surplus of $2.711 billion and a National Public Sector (NPS) fiscal surplus of 268.103 billion pesos (ARS), marking a fourth-consecutive-month period of public accounts surplus. On the external front, the trade balance posted the largest surplus for the month of April in history, extending the streak of favorable results to 29 consecutive months. Exports reached a record $8.914 billion (+33.6% year-over-year), driven by a 20.6% increase in volume and a 10.8% rise in prices. Imports totaled $6.204 billion, down by 4%. Export growth was widespread, led by fuels and energy (+85.9%) and industrial manufactured goods (+43.3%). In the first four months, exports totaled $30.82 billion and imports $22.543 billion, resulting in a cumulative surplus of $8.277 billion. On the fiscal front, the SPN achieved a primary surplus of ARS 632.844 billion and made interest payments totaling ARS 364.741 billion. This result was achieved despite a real decline in tax revenue: tax revenues totaled ARS 17.4 trillion, representing a nominal increase of 27.2% against an inflation rate of 32.6%, which resulted in a real decline of 4% and marked the ninth consecutive drop, attributed to the economic contraction, the reduction in export duties, and the decrease in domestic taxes. Economy Minister Luis Caputo stated that the fiscal result is consistent with strict spending management and projected three consecutive years of fiscal surpluses through the end of 2026. However, compared to last year’s figures, the primary surplus fell 25.2% year-over-year, and the fiscal surplus declined 53.2% compared to April 2025.
Infobae: Por exportaciones récord, la balanza comercial arrojó un superávit de USD 2.711 millones en abril
2. The government secured Adorni’s position in the Chamber of Deputies and obtained preliminary approval for the Hojarasca Act and the Cold Zone reform
In the Chamber of Deputies, the government blocked an attempt by the opposition to question Chief of Staff Manuel Adorni over alleged financial irregularities. The ruling party gathered 129 legislators to convene its own session and thwart the opposition’s motion. The motion to call a recess and proceed with the questioning was rejected by a vote of 131 against and 111 in favor. On the same day, which lasted more than 11 hours, the Chamber of Deputies approved the Hojarasca Law, which overturns obsolete legislation, promoted by the Deregulation Minister Federico Sturzenegger. The initiative proposes revoking between 60 and 70 laws and decrees considered obsolete. It received 138 votes in favor, 96 against, and nine abstentions, and was sent to the Senate. The Cold Zones and Energy Measures Act also moved forward, redefining the gas consumption subsidy scheme and establishing a debt regularization regime for the electricity system. It was approved by 132 votes in favor, 105 against, and four abstentions. To secure the votes, LLA relied on allied governors and those open to dialogue, including Osvaldo Jaldo (Tucumán), Rogelio Frigerio (Entre Ríos), Marcelo Orrego (San Juan), Hugo Passalacqua (Misiones), Rolando Figueroa (Neuquén), Alfredo Cornejo (Mendoza), Carlos Sadir (Jujuy), and Leandro Zdero (Chaco).
3. According to INDEC, registered wages once again failed to keep pace with inflation in March
The INDEC Wage Index recorded a monthly increase of 3.4% in March 2026, in line with the change in the Consumer Price Index (CPI) for the same month. In the first quarter, wages rose 8.6%, while the CPI rose 9.4%, resulting in a loss of purchasing power during the period. The year-over-year change in the wage index was 36.4%. The breakdown by sector showed mixed results. Wages in the registered private sector rose 2.1% in March, more than one percentage point below monthly inflation, and have now fallen for seven consecutive months in real terms, with a 4.8% decline compared to August 2025. In the year-over-year comparison, the increase was 27.5%, compared to an annual CPI of 32.6%. Public sector wages grew 5% monthly in March, with increases of 5.8% at the national level and 4.7% at the provincial level. In the year-over-year comparison, the increase was 29.6%, also below annual inflation. The unregistered private sector showed a monthly increase of 4.7% and a year-over-year change of 74.4%. INDEC clarifies that this data has a five-month statistical lag, meaning it corresponds to the trend as of September 2025.
FiloNews: Los salarios se incrementaron incrementó 3,4% mensual, según el INDEC
4. Wholesale inflation rose 5.2% in April
The Domestic Wholesale Price Index (IPIM), compiled by INDEC, rose by 5.2% in April 2026, an acceleration of 1.8 percentage points compared to March. This figure was double the Consumer Price Index (CPI) for the same month, which stood at 2.6%. The year-over-year change in the IPIM reached 30.8%, and the cumulative rate for the first four months of the year was 11.6%. The rise was driven mainly by increases in the prices of crude oil and gas, refined petroleum products, chemicals, food and beverages, and rubber and plastic goods. Within the IPIM, domestic products rose 5.3% and imported products, 2.5%. The primary products category climbed 9.8%, driven by oil and gas. Economy Minister Luis Caputo noted that approximately 85% of the April IPIM variation was explained by the rise in oil and related products, attributed to the conflict in the Middle East. Wholesale price trends typically foreshadow movements in the CPI, as rising costs of key inputs such as fuels, energy, chemicals, and industrial materials can be passed on to consumer prices in the coming months. Private analysts warned that the rise in crude oil prices has already been reflected in sectors such as plastics (+10%) and imported goods (+2.5%), which could add pressure on retail inflation.
La Nación: La inflación mayorista dio un salto en abril por efecto del petróleo y llegó al 5,2% en el mes
5. Milei spoke in San Andrés and at the Malba during a week marked by the internal conflict between Santiago Caputo and Martín Menem
The government is embroiled in a public internal dispute pitting presidential advisor Santiago Caputo against the president of the Chamber of Deputies, Martín Menem, a close confidant of the Secretary General of the Presidency, Karina Milei. The dispute was triggered by Caputo’s accusation that Menem was allegedly operating an anonymous account on the social media platform X to spread criticism of his team. Menem denied the accusation. The three leaders are part of the ruling party’s so-called “political committee,” which had been suspended and is expected to reconvene on May 26 to address tensions. President Javier Milei described the controversy as “manufactured” and backed both Caputo—whom he called “a brother”—and Menem, whose work in the Chamber of Deputies he praised. Those close to Karina Milei are seeking to put the episode behind them, while Caputo’s camp believes the clash exposed Menem. Meanwhile, the President has maintained a busy academic and business schedule. On May 18, he delivered a closed-door master class to students in the Economics Master’s program at the University of San Andrés. He was accompanied by the Deregulation and State Transformation Minister Federico Sturzenegger (a professor at the university). The presentation focused on monetary theory, inflation, and the economic stabilization plan. The following day, Milei led a presentation at the Malba titled “Argentina 2026: Labor Market Integration, Macroeconomic Outlook, and Productive Potential,” co-organized with Banco de Valores and aimed at business leaders and financial stakeholders. There, he reaffirmed the policy of “monetary tightening,” stated that the government would not back down in the fight against inflation, and signaled a move toward greater exchange rate flexibility.
Clarín: En medio de su interna con Santiago Caputo, Martín Menem lo cruzó: “Yo no le mentí al Presidente”