The Declining Energy Inflation in Argentina

Brazil has a peculiarity in terms of inflation dynamics, which was how they approach the spike in energy prices in 2022. They did significant tax cuts, which affected the CPI. So we started to have a declining energy inflation in Brazil, much earlier than in other countries. In Mexico, the trend has been as I described for other economies. Very sticky core prices, which implied that the central man had to hike rates maybe for longer than what they initially expected. Now starting to decline. And we think that with the central man going hold and starting to consider whether to cut rates at some point in the second half of the year.