According to data from the National Institute of Statistics and Geography (Inegi), inflation in Mexico stood at 5.16 % until the first half of August, with an increase in prices in items such as fruits, vegetables and livestock products.

In this context, the “National Consumer Price Index (INPC) decreased for the second consecutive fortnight and reached its lowest level since the first half of June, when it reached 4.78 %.”

The downward trend in the inflation rate continues despite adverse weather conditions. Ricardo Aguilar, chief economist at Invex, indicated that it will be necessary to analyze more inflation data to confirm that core inflation will remain downward.

Among the products that registered the greatest price increase are beef, pork and chicken, in addition to eggs, with an annual increase of 14.69 %. Followed by fruits and vegetables, with an increase in prices of 14.27 %.

Mexicans also faced higher prices for food prepared in “loncherías, taquerías, torterías, inns and restaurants, as well as detergent and payments in universities, high schools and their own homes.”

The prices of cleaning products, domestic gas and plane tickets registered a slight decrease for the first half of August.

Inflation in the first half of August was below the estimate of analysts consulted by Citibanamex, who expected inflation of 5.33 % annually.

Analysts predict that year-on-year inflation will show some slowdown in the remainder of 2024 despite the uncertain economic outlook, increased volatility in the exchange rate and climatic characteristics that affect food production in the country.

For its part, the Bank of Mexico (Banxico) indicates in its forecasts that “it will not be until the last quarter of 2025 when inflation reaches its goal of three percent. At the beginning of August, the institution cut the reference rate by 25 basis points, to leave it at a level of 10.75 %, as a measure to control long-term inflation.”

M.Pino

Source: eloccidental

(Reference image source: Carl Campbell in Unsplash)

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In the period from January to November last year, Brazil experienced a 36% decrease in Foreign Direct Investment (FDI), reaching 52.716 million dollars, according to data from the Central Bank. Equity holdings fell by 22.8%, while lending operations between parent companies and subsidiaries plummeted by 85.6% compared to the same period in 2022.

Despite these figures, foreign direct investment in November showed a rebound of 2.6% compared to the same month of the previous year, reaching 7.78 billion dollars, according to the issuing body.

In the last 12 months to November 2023, FDI totalled $57.7 billion, representing 2.68% of Gross Domestic Product (GDP), down from 4.01% in the immediately preceding period.

The country ‘ s international reserves increased by $8.2 billion from October 2023 to $348.4 billion for that month.

Despite economic growth of 3% in 2023, according to financial market forecasts, a sharp slowdown is expected in 2024, with GDP expansion limited to 1.5%.

K. Tovar

Source: Bancaynegocios

(Reference image source: @MundoEConflicto, X)

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The receipt of remittances through cryptocurrency wallets in El Salvador experienced a significant decrease of 26.5 % during the first half of 2023, according to data from the Central Reserve Bank.

Official figures show that between January and June of this year, the Central American country received a total of 46.66 million dollars in remittances through cryptoactive digital wallets, which represents a reduction of 16.84 million dollars compared to with the 63.5 million dollars received during the first half of 2022.

In the month of June, the state bank reported an income of 7.01 million dollars through digital cryptocurrency wallets, while in the same month of the previous year the figure reached 11.52 million dollars, which represents a year-on-year decrease of 39.14 %.

The data indicates that monthly income through this digital mechanism has been consistently lower in 2023 compared to the previous year.

These incomes between January and June represent only 1.16 % of the total of 4,019.75 million dollars in remittances that El Salvador has received in said period.

It is relevant to remember that in September 2021, El Salvador became the first country in the world to adopt bitcoin as legal tender along with the US dollar.

However, a survey carried out by the University Institute of Public Opinion of the Central American University (Iudop) in mid-January of last year revealed an “almost zero use” of bitcoin in El Salvador during 2022 and a persistence of “unfavorable opinions”. among the population about the cryptoactive.

K. Tovar

Source: Bancaynegocios

(Reference image source: rc.xyz NFT gallery, Unsplash)

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The UK Finance Minister, Rishi Sunak, announced before Parliament some fiscal measures, including a reduction in social contributions and fuel taxes, to alleviate the effect of rising prices on British consumers.

Sunak indicated that the initial thresholds applied to National Insurance will increase to 12,570 pounds from July, which in practice means a reduction of around 6,000 million pounds of the tax burden on UK workers. It will benefit some 30 million workers with an average saving of about 330 pounds per year.

Likewise, the minister announced the reduction by five pence, from today and during the next twelve months, of the rate applied to fuels, which will mean an impact of some 2,400 million pounds. “Today I can announce that for the second time in 20 years the tax on fuel will be reduced. Not by one, not even by two, but by five pence per litre,” said Sunak, stressing that it is the “biggest cut” in the tax on fuels never announced.

VAT exemption

The minister informed that in response to the increase in energy costs, the 5 % VAT will be abolished for products linked to energy efficiency, including the installation of solar panels. “For the next five years, owners who install materials such as solar panels, heat pumps or insulation will not pay 5 % VAT, they will pay zero.”

In this sense, he has defended that these measures will save around 1,000 pounds in taxes for a family that installs solar panels and more than 300 pounds per year in the annual energy bill.

On the other hand, the head of the British Treasury has presented the latest forecasts of the Office for Budget Responsibility (OBR), which has lowered its GDP growth forecast for the United Kingdom to 3.8 % from 6 % for this year as a consequence of the impact of the war in Ukraine and the sanctions against Russia on the evolution of inflation.

Likewise, the OBR forecasts that the GDP of the second largest European economy will grow by 1.8 % in 2023 and 2.1 % in 2024, while for the following year it trusts an expansion of 1.8%, which would remain stable at 1.7 % for the following three years.

Source: dpa

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