The Mexican inflation rate fell to 4.4% in Februarybreaking three consecutive months of growth, the National Institute of Statistics and Geography (Inegi) reported this Thursday.
The data, below market expectations, was lower than the 4.88% reached in January thanksin particular, to the decrease in prices of agricultural products.
On the other hand, Inegi reported that the consumer price index (CPI) increased 0.09% in the month.
The statistics institute recalled that in the same month of 2023, monthly inflation was 0.56% and annual inflation was 7.62%.
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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, rose 0.49% monthly and 4.64% annually, Inegi detailed in its report.
While the non-core item fell 1.1% at a monthly rate, although it rose 3.67% year-on-year.
Within the underlying subgroup, merchandise increased 0.4% in the month and 4.11% annually.
Meanwhile, services advanced 0.61% monthly and 5.3% annually.
In the non-underlying, Agricultural prices fell 4.6% compared to the immediate previous periodbut they rose 4.77% compared to the same month last year.
Energy prices and rates authorized by the Government rose 2.12% in the month and 2.75% in the year.
The price index of the minimum consumption basket, made up of 176 products and services, decreased by 0.07% monthly, but grew by 4.04% annually.
The items with the greatest year-on-year increases were restaurants and hotels (6.88%), miscellaneous goods and services (6.59%) and education (6.4%).
While the generic products that rose the most in the month were cucumber (30.31%), domestic LP gas (10.16%), and onion (8.64%).
Consumer prices closed in 2023 with an increase of 4.66% after the rate of 7.82% in 2022, the highest level in 22 years and the century for a year-end.
The February data is published two weeks before the new monetary policy decision of the Bank of Mexico, which has announced that it could reduce the interest rate for the first time in a year, which is at a record of 11.25%.
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