Argentina FX pass-through varies: 15% in 2002 vs 80%+ in 2018/2023

Equilibra study shows Argentina's exchange-rate pass-through to prices is not automatic or uniform, ranging from 15% in 2002 to over 80% in 2018 and 2023 within six months. The finding highlights structural differences in inflation dynamics across devaluation episodes, relevant for inflation forecasting and policy credibility. Uncertainty remains on what drives the variation, but the implication is that current devaluation risks may feed prices more aggressively than past episodes.

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