Inegi expects private consumption to increase in November

He private consumption The domestic market would have reported slight growth of 0.1% in November compared to the previous month, while it had stagnated in December, according to estimates National Institute of Statistics and Geography (Inegi).

On the contrary, the corresponding indicator assessed that spent conducted by companies, families and individuals in Mexico showed seasonally adjusted year-on-year growth of 5.1% in the eleventh month of 2023 and 4.5% in December.

He Timely Indicator of Private Consumption (IOCP) makes estimates using the Monthly Indicator of Private Consumption (IMCP), which, in turn, measures the dynamics of household spending on consumer goods and services of both domestic and imported origin.

Although the IMCP is published approximately nine weeks after the reference month, the IOCP offers a first estimate two weeks after the end of the specified period and a second, more accurate estimate six weeks after the close.

It should be remembered that inflation in Mexico it accelerated in December and reached 4.66%. The figure has been falling in recent months after rising sharply last year to a high in more than two decades.

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On the other hand, inflation underlying, Considered the best metric for measuring price path because it excludes high-volatility products, it fell to 5.09%, the lowest level since October 2021.

For our part, in mid-December Bank of Mexico (Banxico) decided to keep its benchmark rate at the all-time high of 11.25%, where it had been since April, but in his monetary policy message he left open the possibility of future cuts, saying that while progress had been made in slowing inflation, some problems still persist.