Chilaquiles are canceled: Tomato and chili peppers, among the products, that inflation ‘hit’ the most in Mexico

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Annual headline inflation stood at 7.37%, which is hurting the pockets of Mexicans, informed Inegi.

In 2021, the prices of various foods have more than doubled, such as serrano pepper and green tomato, which, according to the National Consumer Price Index (INPC) of the National Institute of Statistics and Geography ( Inegi ), register an increase of 137 and 148 percent, respectively, from December 2020 to November 15, 2021.

During November, the green tomato had an increase of 71.85 percent, while the fresh chili 30.66 percent; the chile serrano 12.10 percent; the poblano 15.7 percent. Other generics such as electricity had an increase of 24.16 percent.

Other products that have had an increase in the year are avocado, with 45 percent; the onion increased 44 percent, while the tomato rose 39.19 percent. The LP gas, for example, increased by 23.97 percent.

In November, the INPC presented a growth of 1.14 percent compared to the immediately previous month. With this result, annual headline inflation stood at 7.37 percent, reaching its highest level since January 2001. In the same month of 2020, the figures were 0.08 percent per month and 3.33 percent annually.

The underlying price index had a monthly increase of 0.37 percent and 5.67 percent annually; for its part, the non-core price index increased 3.45 percent monthly and 12.61 percent annually.

Within the underlying price index, the prices of merchandise showed a monthly rise of 0.31 percent and those of services 0.43 percent.

Within the non-core price index, the prices of agricultural products rose 4.48 percent and those of energy and tariffs authorized by the government rose 2.64 percent, as a consequence to a greater extent, of the conclusion of the subsidy to the program of Summer season electricity rates in 11 cities of the country, where the INPC has coverage.

Analysts from the Bank of Mexico (Banxico) warn that the prices of basic products will continue to rise at the end of 2021 since the Mexican economy is expected to suffer a slight contraction, as well as an inflationary increase.

“When this phenomenon occurs, we realize that the amount of money that we had a long time ago is no longer enough to buy the same as before and this causes an impact on all sectors and actors of the economy,” they indicated.

The National Consumer Price Index (INPC) is an economic indicator that measures, over time, the average variation of the prices of a basket of goods and services representative of the consumption of the country’s households.

Source: elfinanciero.com.mx

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