Tuesday, November 29, 2022

Inflation in Mexico falls to 8.14% in the first half of November

The Mexican general inflation rate fell in the first half of November to 8.14% per year, the National Institute of Statistics and Geography (Inegi) reported this Thursday.

The data contrasts with the data of 8.41% reached in all of last October and with the 8.76% of the first fortnight of last September, when the highest index was reached for an equal period since the year 2000.

Even so, there was an increase of 0.56% in the Consumer Price Index (CPI) compared to the previous 15 days, as detailed by the autonomous body in its report.

The Inegi recalled that in the same fortnight of 2021, a year ago, biweekly inflation was 0.69% and annual 7.05%.

The underlying price index, considered a better parameter to measure general shortages because it eliminates items with high volatility in their prices, increased by 0.34% fortnightly and 8.66% annually, detailed the Inegi in its report.

While the non-core item rose 1.19% at a biweekly rate and 6.62% year-on-year.

Within the subgroup of underlying goods and services, merchandise increased 0.35% in the fortnightly period and 11.50% annually.

While services advanced 0.34% fortnightly and 5.40% annually.

In non-core, agricultural prices fell 0.37% compared to the immediately previous period, but rose 10.59% compared to the same period last year.

Energy and rates authorized by the Government rose 2.53% in the fortnight, although they rose 3.52% annually.

The price index of the minimum consumption basket, made up of 176 products and services, climbed 0.68% fortnightly and 8.84% at an annual rate.

Consumer prices closed 2021 with a rise of 7.36%, a level not seen in 20 years due to the rise in basic inputs such as agricultural or energy.

Inflation for 2020 closed at 3.15%, while in 2019 inflation was 2.83% and in 2018 consumer prices rose 4.83%.

The Bank of Mexico (Banxico) raised the interest rate to a record 10% on November 10, which represents the twelfth consecutive increase in the target to try to contain inflation.

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