This Thursday, January 9, it was announced that the rate of inflation in Mexico fell at the end of 2024 to 4.21%, below market expectations, after surprising downwards and finishing at its lowest level for almost four years, according to the National Institute of Statistics and Geography (Inegi).
Inflation in the last month of 2024 was below the 4.66% annual rate in 2023 and 7.82% in 2022, the highest level so far this century, while last November it was 4.55 percent.
Furthermore, it was lower than expected by the private sector, which predicted 4.36%according to the latest survey by the Bank of Mexico (Banxico) in December.
In his report, the Inegi stated that the consumer price index (CPI) increased 0.38% in the month.
The statistics institute recalled that in the same month of 2023, monthly inflation was 0.71% and annual inflation was 4.66 percent.
Inflation in Mexico by products
The underlying price index, considered a better parameter to measure general shortages because it excludes highly volatile items, rose 0.51% monthly and 3.65% annually, the autonomous institute detailed.
While the non-core item decreased by 0.04% at a monthly rate, although it increased by 5.95% year-on-year.
Within the underlying subgroup, merchandise advanced 0.4% for the month and 2.47% for the year.
Meanwhile, Services became more expensive by 0.61% monthly and 4.94% annually.
In non-core, agricultural prices decreased by 0.64% in the month, but increased by 6.57% compared to last year.
And energy prices and rates authorized by the government rose 0.45% in the month and 4.97% in the year.
The price index of the minimum consumption basket, made up of 170 products and services, it grew 0.33% monthly and 3.8% annually.
The items with the greatest year-on-year increases were restaurants and accommodation services (6.88%), educational services (5.81%), and transportation (4.87%).
While the generic products that increased the most in the month were air transport (26.27%), grapes (20.27%) and packaged tourist services (8.32 percent).
Inflation trend in Mexico downwards
Inflation has been declining for two months after 4.76% in October, when it rebounded after a decline that was sustained from 5.57% in July, its highest level since May 2023.
Prices closed 2022 with an increase of 7.82%, the highest level in 22 years, while in 2021 they ended at 7.36%, which then also represented that record.
The 2024 figure is still above Banxico’s 3% annual goal, which on December 19 cut the interest rate by 25 points to 10 percent for the fourth consecutive time.
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