JP Morgan described the lifting of the restrictions as "successful" and welcomed the sustained drop in prices.

JP Morgan emphasized that the end of the currency controls was successful, given that the transition to a regime of exchange rate bands and the elimination of the 1% monthly crawling peg did not entail significant inflationary costs.

"Overall, exchange rate unification, the elimination of the 1% crawling peg and the banding, and the lifting of capital controls for individuals—what we have termed Crossing the Rubicon—did not entail significant inflationary costs. Moreover, the evolving policy framework is expected to continue supporting the disinflationary path going forward, a premise we have repeatedly underscored in the past," the Wall Street giant noted.

Inflation and food prices in supermarkets

The Andes

According to the analysis, monthly inflation in April was 2.8%, below the 3.7% recorded in March and the market consensus forecast of 3.2%. JP Morgan, meanwhile, projects that inflation will continue to decline , reaching levels close to 2% monthly in the short term and breaking through that threshold by the third quarter of the year .

The report also highlights that core inflation, which excludes food and energy, remained at around 3% monthly, while seasonal and regulated prices showed moderate increases . These data suggest that current economic policy is successfully stabilizing prices without generating significant inflationary pressures.

Blue dollar dollar bills

JP Morgan emphasized that the deflationary process will depend on maintaining the new economic policy framework. In this regard, it noted that exchange rate stability and the reduction of tariffs on imported products could help contain inflationary pressures in the coming months.