The Mexican general inflation rate reached 4.27% annually in the first half of Octoberits lowest level for a similar period since March 2021, the National Institute of Statistics and Geography (Inegi) reported this Tuesday.
The data, which surprised analysts for being below market expectations, It implies 18 consecutive fortnights of decline after the 4.45% index for all of August and after having started the year with 7.91% in January.
The statistics institute reported an increase of 0.24% in the Consumer Price Index (CPI) compared to the previous 15 days.
The Inegi recalled that in the same period of 2022, a year agobiweekly inflation was 0.44% and annual inflation was 8.53%.
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The underlying price index, considered a better parameter to measure general shortages because it eliminates items with high volatility in their prices, increased 0.24% biweekly and 5.54% annually, Inegi detailed in its report.
While the non-core item grew 0.25% at a biweekly rate and 0.48% year-on-year.
Within the underlying subgroup, merchandise increased 0.22% in the fortnight and 5.72% in the year.
While services advanced 0.27% biweekly and 5.33% annually.
In non-core, agricultural prices decreased by 1.72% compared to the immediately previous period, although they rose by 1.63% compared to the same period last year.
Energy prices and rates authorized by the Government increased by 2.03% in the fortnight, although they fell 0.5% in the year.
The price index of the minimum consumption basket, made up of 176 products and services, advanced 0.23% biweekly and 3.86% at an annual rate.
Consumer prices closed in 2022 with an increase of 7.82%, above the 7.36% in 2021, which was then the highest level in the last 20 years.
Instead, 2020 inflation closed at 3.15%.
The data for the first half of October is still above the Bank of Mexico’s 3% annual goalwhich maintains the interest rate at a record of 11.25%.
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