Home Economy Inflation in Mexico falls to 7.8% during November

Inflation in Mexico falls to 7.8% during November

The Mexican general inflation rate fell in November to 7.8 percent year-on-year, below the 8.41 percent rate registered in October, the National Institute of Statistics and Geography (Inegi) reported Thursday.

This is the second consecutive month in which the annual rate of inflation has decreased after the rate of 8.7 percent was reached in August and September, then the highest figure since 2000.

Even so, the Consumer Price Index (CPI) registered a rise of 0.58 percent in November compared to October, according to the statistics institute.

The Inegi recalled that in the same month of 2021 monthly inflation was 1.14 percent and the annual rate was 7.37 percent.

The underlying price index is considered a better parameter to measure general shortages because it eliminates items with high volatility in their prices, which rose 0.45 percent monthly and 8.51 percent annually, detailed the Inegi in its report.

While the non-core item advanced 0.94 percent at a monthly rate and 5.73 percent year-on-year.

Within the underlying goods and services subgroup, merchandise rose 0.43 percent on the month and 11.28 percent on the year.

While services advanced 0.48 percent monthly and 5.35 percent annually.

In non-core, agricultural prices fell 0.42 percent compared to the immediately previous period but rose 8.89 percent compared to the same period last year.

Energy and rates authorized by the Government rose 2.11 percent in the month and 3.23 percent annually.

The price index of the minimum consumption basic products “basket” made up of 176 products and services, climbed 0.67 percent monthly and 8.45 percent at an annual rate.

Consumer prices closed in 2021 with a rise of 7.36 percent, a level not seen in two decades, given the rise in basic inputs such as agricultural or energy.

The data for November is published a week before the new monetary policy of the Bank of Mexico, which has an inflation target of three percent per year, for which the central bank has raised the interest rate 12 consecutive times, to a record of 10 percent. 

Source: El Financiero

Mexico Daily Post

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