Inflation in Mexico rises in the first half of February
The National Institute of Statistics and Geography (INEGI) reported on Monday, February 24, that the general inflation rate in Mexico registered an increase in the first half of February, reaching 3.74% annually, which ended three consecutive months of declines.
The figure, within market expectations , is higher than the 3.59% of last January, when it reached its lowest level in four years, although it is still below the 4.21% with which it closed 2024.
Inegi recorded a 0.15% increase in the consumer price index (CPI) compared to the previous 15 days.
He also recalled that in the same period in 2024, the biweekly inflation was -0.1% and the annual inflation was 4.45 percent.
The underlying price index , considered a better parameter to measure general scarcity because it eliminates highly volatile items, increased by 0.27% biweekly and 3.63% annually, Inegi detailed in its report.
The non-core item decreased by 0.25% at a biweekly rate, although it rose by 3.98% year-on-year.
Within the subgroup of underlying assets , commodities increased by 0.21% in the fortnight and by 2.74% in the year.
Services rose 0.32% biweekly and 4.62% annually.
In non-core terms, agricultural prices fell by 0.81% compared to the previous period, although they rose by 3.31% compared to the same period last year.
Energy prices and rates authorized by the Mexican Government increased by 0.18% in the first two weeks and by 3.89% in the year.
The price index for the minimum consumption basket, made up of 170 products and services, rose by 0.19% biweekly and 3.51% at an annual rate.
Consumer prices closed in 2024 with a rise of 4.21%, below market expectations and 4.66% in 2023, 7.82% in 2022 and 7.36% in 2021, both years with the highest level in the last two decades.
Data for the first half of February is above the 3% target of the Bank of Mexico , which in February lowered the interest rate to 9.5%, its fifth consecutive cut and the first of 50 basis points, in response to the "disinflationary process" it perceived.
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