Inflation in Mexico reaches 5.16 % in the first half of August
For the first half of August, inflation in Mexico stands at 5.16 % according to data from the National Institute of Statistics and Geography
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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