The Mexican general inflation rate dropped in the first half of May to 6%thanks to the fall in energy and agricultural prices, reported this Wednesday the National Institute of Statistics and Geography (Inegi).
The data, below market expectations, implies six consecutive fortnights of decline after the index of 6.25% for all of April, 6.85% in March, 7.62% in February, 7.91% in January and 7.82% last December , when inflation had its highest annual close in 22 years and so far this century.
Besides, The statistics institute reported a decrease of 0.32% in the Consumer Price Index (CPI) compared to the previous 15 days.
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The Inegi recalled that in the same fortnight of 2022, a year ago, Biweekly inflation was 0.06% and annual inflation was 7.58%.
The underlying price index, considered a better parameter to measure general shortages because it eliminates items with high volatility in their prices, increased by 0.18% fortnightly and 7.45% annually, detailed the Inegi in its report.
While the non-core item decreased by 1.85% at a fortnightly rate, although it rose by 1.70% year-on-year.
Within the underlying subgroup, merchandise increased 0.17% in the fortnight and 9.16% in the year.
While services advanced 0.19% fortnightly and 5.44% annually.
In non-core, agricultural prices decreased by 0.52% compared to the immediately previous period, but rose 5.59% compared to the same period last year.
The energy and tariffs authorized by the Government were reduced by 2.99% in the fortnight and by 1.51% in the year.
The price index of the minimum consumption basket, made up of 176 products and services, fell 0.32% fortnightly, although it rose 6% at the annual rate.
Consumer prices closed in 2022 with a rise of 7.82%, above 7.36% in 2021, which then was the highest level in the last 20 years.
In contrast, 2020 inflation closed at 3.15%.
The data for the first half of May implies more than 50 consecutive fortnights in which inflation is above the target range of the Bank of Mexico (Banxico).which is 3%.
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