The general inflation rate in Mexico slowed in October to 8.41% per year, below the rate of 8.7% registered in August and September, the National Institute of Statistics and Geography (Inegi) reported on Wednesday.
Even so, the Consumer Price Index (CPI) registered a monthly increase of 0.57% compared to September, when the general inflation rate was the highest since 2000.
The Inegi recalled that, in the same period of 2021, a year ago, monthly inflation was 0.84% and annual inflation was 6.24%.
The underlying price index, considered a better parameter to measure the general scarcity because it eliminates high price volatility itemsrose 0.63% monthly and 8.42% annually, detailed the Inegi in its report.
While the non-core item advanced 0.38% at a monthly rate and 8.36% year-on-year.
By groups and products
Within the core goods and services subgroup, merchandise increased 0.87% monthly and 11.15% annually, while services increased 0.33% monthly and 5.30% annually.
In the non-core, the agricultural decreased 0.52% compared to the previous month, but rose 14.25% annually.
The energy and tariffs authorized by the Government rose 1.17% in the month and 3.77% annually.
The price index of the minimum consumption basket, made up of 176 products and services, climbed 0.50% monthly and 9.09% at the annual rate.
By consumption group, the products with the highest annual increases were food and non-alcoholic beverages (14.54%), restaurants and hotels (12.26%), and miscellaneous goods and services (10.18%).
The generic products with the highest monthly increases were pumpkin (23.16%), tomato (18.80%) and electricity (17.46%).
The Inegi also announced that in October the producer price index, including oil, it decreased by 0.18% monthly although it rose by 7.20% annually.
inflation subsides
October inflation was below market expectations after two consecutive months of the highest rate in 22 years.
Consumer prices closed 2021 with a rise of 7.36%a level not seen in two decades, given the rise in basic inputs such as agriculture or energy.
Inflation for 2020 closed at 3.15%, while in 2019 it was 2.83%.
The data for October is published one day before the new monetary policy of the Bank of Mexico, which has an annual inflation target of 3%, for which the central bank has raised the interest rate 11 consecutive times, to a record of 9.25%.
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