inflation Mexico’s headline index accelerated more than expected in the first half of January, led by a rebound in the non-core index, although the core index continued to decline.
He National Consumer Price Index (INPC) It stood at 4.90% year-over-year, marking six straight weeks of gains after hitting its lowest level since March 2021, according to data released Thursday by U.S. Bank. National Institute of Statistics and Geography (Inegi).
Analysts had expected the figure to be 4.78%. In December 2023, this figure was 4.66%.
On the other hand, inflation underlying, Considered the best metric for measuring price path as it excludes high-volatility products, it continued to decline, reaching 4.78%, its lowest level since October 2021.
Within the country, on a monthly basis, prices for goods increased by 0.26%, and for services – by 0.24%.
The products that showed the most growth were tomato, with a deviation of 25.64% and green tomato, from 8.71%. On the contrary, the greatest decrease was noted air Transportwhose monthly variation decreased by 20.25%, followed by poblano chili, from -17.31%.
In turn, the price index not underlying The growth was 1.22% bi-weekly and 5.24% year-on-year. This figure contrasts with the 2.28% seen in December.
At the same time, prices for agricultural products increased by 2.42%, and for energy resources and government-approved tariffs – by 0.15%.
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Finally, in the first half of October 2023, the price index of the minimum consumer basket increased by 0.63% every two weeks and by 4.78% on an annualized basis. For the same period in 2023, the corresponding figures were 0.50 and 8.56%, in that order.
At the end of 2023 Bank of Mexico (Banxico) – which has an inflation target of 3% – kept its benchmark rate at 11.25%, a record high since April, but in its monetary policy message it left open the possibility of future cuts, although it acknowledged that the inflation outlook continue to get worse. set tasks.
A recent survey of economists prepared by a financial group Citibanamex showed that most of the market expects the first rate cut in March.
Source: Aristegui Noticias
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
