The Mexican headline inflation rate rose in the first fortnight of September to 8.76% annuallythe highest rate for an equal period since 2000, the National Institute of Statistics and Geography (Inegi) reported on Thursday.
The increase is explained by an increase of 0.41% in the Consumer Price Index (CPI) compared to the previous 15 days, as detailed by the autonomous body in its report.
The annual data for this first fortnight of September, within market expectations, also represents an increase compared to the data for the entire month of August, when inflation was 8.70% year-on-year, its then highest level since 2000.
The Inegi recalled that in the same fortnight of 2021, a year ago, biweekly inflation was 0.42% and the annual rate was 5.87%.
A blow to the pockets of the Mexican
The underlying price index, considered a better parameter to measure the general shortage because it eliminates items with high volatility in their prices, increased by 0.44% fortnightly and 8.27% annually, the Inegi detailed in its report.
While the non-core item rose 0.32% biweekly and 10.22% year-on-year.
Within the subgroup of underlying goods and services, merchandise increased 0.5% in the fortnight and 10.75% annually, while services advanced 0.36% biweekly and 5.43% annually.
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In the non-core, agricultural increased by 0.86% compared to the immediately previous period and 15.23% compared to the same period last year.
In contrast, energy and rates authorized by the Government fell 0.14% in the fortnight, although they rose 6.20% annually.
Basic basket, unattainable
Finally, the price index of the minimum consumption basket, made up of 176 products and services, rose 0.52% fortnightly and 9.70% at the annual rate.
Consumer prices closed 2021 with a rise of 7.36%, a level not seen in 20 years due to the rise in basic supplies such as agriculture or energy.
Inflation for 2020 closed at 3.15%, while in 2019 inflation was 2.83% and in 2018 consumer prices rose 4.83%.
The latest inflation data is given a week before the new monetary decision of the Bank of Mexico (Banxico), whose goal is to maintain price increases at 3% per year.
To contain inflation, the central bank raised the interest rate to 8.5% on August 11, which represents the tenth consecutive increase in the target.
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