The Mexican general inflation rate fell in the first half of March to 7.12% annually thanks to agricultural and energyreported this Thursday the National Institute of Statistics and Geography (Inegi).
The data, below market expectations, implies four consecutive fortnights of decline after the 7.62% rate for all of February7.91% in January and 7.82% last December, when inflation had its highest annual close in 22 years and so far this century.
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Even so, The statistics institute reported an increase of 0.15% in the Consumer Price Index (CPI) with respect to the previous 15 days.
The Inegi recalled that in the same fortnight of 2022, a year ago, biweekly inflation was 0.48% and annual 7.29%.
The underlying price index, considered a better parameter to measure general shortages because it eliminates items with high volatility in their prices, increased by 0.30% fortnightly and 8.15% annually, detailed the Inegi in its report.
While the non-core item decreased by 0.31% at a fortnightly rate, although it rose by 4.15% year-on-year.
Within the underlying subgroup, merchandise increased 0.26% in the fortnightly period and 10.26% in the year.
While services advanced 0.35% fortnightly and 5.68% annually.
In the non-underlying, agricultural prices decreased by 0.47% compared to the immediately preceding periodbut they rose 8.11% compared to the same period last year.
Energy and tariffs authorized by the Government fell by 0.18% in the fortnight, although they increased by 1.05% in the year.
The price index of the minimum consumption basket, made up of 176 products and services, climbed 0.07% fortnightly and 7.48% at an annual rate.
Consumer prices closed 2022 with a rise of 7.82%, above the 7.36% of 2021, which then was the highest level in the last 20 years.
Instead, 2020 inflation closed at 3.15%.
The data for the first half of March implies almost 50 consecutive fortnights in which inflation is above the target range of the Bank of Mexico (Banxico), which is 3%.
The figure is released a week before the central bank’s new monetary policy, which has raised interest rates 14 times to a record 11%.
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