Inflation in Mexico exceeds forecasts and drops to 8.14% in the first half of November

Inflation in Mexico exceeds expectations and falls again in the first half of November, with which it has fallen for five fortnights, although the prices of the underlying component continued their upward trend, reveal data published by the National Institute of Statistics and Geography (Inegi).

In the first half of November 2022, the National Consumer Price Index increased 0.56% compared to the previous fortnight, the lowest rate for said period since 2020, when it reported an increase of 0.04%.

With this result, annual headline inflation stood at 8.14%, a rate lower than the 8.41% registered on average last October, with what is located as the lowest figure since the second half of July of this year when it observed a similar rise of 8.14%.

The general price increase in the first half of November was below the consensus of analysts of 8.26% at an annual rate, but within the range between a minimum of 7.86% and a maximum of 8.44% estimated by the 30 financial institutions consulted by CitiBanamexof which only one was correct with its prognosis.

The underlying price index, which includes goods and services whose prices are less volatile, increased 0.34% at a fortnightly rate and 8.66% annual, with which it has risen for 12 fortnights. inside, the prices of merchandise increased 11.50% at an annual rate and those of services, 5.40%.

In the same period, the non-core price index rose 1.19% fortnightly and 6.62% at the annual rate. Within the index, at a fortnightly rate, the prices of agricultural products grew 10.59% at an annual rate and those of energy and tariffs authorized by the government, 3.52%.

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