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Mexico Inflation Falls in the First Half of October 2023

Data indicates that inflation in Mexico has reached its lowest level since March 2021

In the first half of October, general inflation in Mexico reached 4.27% annually, marking its lowest level since March 2021, according to the report from the National Institute of Statistics and Geography (Inegi). This data surprised analysts by falling below market expectations, and represents 18 consecutive fortnights of decrease, after having reached 4.45% in August and starting the year with 7.91% in January.

City of Mexico

The Consumer Price Index (CPI) recorded an increase of 0.24% compared to the previous 15 days. In the same period of 2022, biweekly inflation was 0.44%, with an annual rate of 8.53%.

The underlying price index, which removes highly volatile items from their prices, rose 0.24% bi-weekly and 5.54% year-on-year. While non-core prices grew 0.25% biweekly and 0.48% year-on-year.

In the underlying subgroup, merchandise increased 0.22% in the fortnight and 5.72% in the year, while services advanced 0.27% fortnightly and 5.33% annually.

Regarding non-core items, the prices of agricultural products decreased by 1.72% compared to the previous period, although they increased by 1.63% compared to the same period last year. Energy prices and rates authorized by the Government increased 2.03% in the fortnight, but fell 0.5% in the year.

The price index of the minimum consumption basket, which includes 176 products and services, registered an increase of 0.23% fortnightly and 3.86% annually.

It is worth mentioning that inflation closed in 2022 with an increase of 7.82%, above the 7.36% in 2021, which was the highest level in the last two decades. This October data still exceeds the annual goal of 3% established by the Bank of Mexico, which maintains its interest rate at a record of 11.25%.

Mexico Economy

Credits: This blog excerpt is an interpretation of the following source:


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