In the first half of February 2026, the annual general inflation rate in Mexico was 3.92% , due to the increase in the cost of some agricultural products such as lemons and tomatoes, according to data from the National Institute of Statistics and Geography (Inegi) .
According to the agency, in the reference period, the National Consumer Price Index (INPC) increased 0.25% compared to the previous two weeks , thus maintaining the upward trend recorded at the beginning of 2026.
“The National Consumer Price Index (INPC) showed its largest variation for the first half of February in three years. The pressure originated from the non-core index, where the rise in fruits and vegetables overshadowed the declines in livestock and energy products,” the Financial Group Ve por Más (BX+) noted in an analysis.
The core inflation index , which excludes goods and services with more volatile prices or those not responsive to market conditions, rose 0.22% on a bi-weekly basis. Within this index, goods prices increased 0.20% and services prices 0.24%.
“The underlying inflation rate was the lowest for the same fortnight since 2021, thanks to slightly lower than usual growth in non-food goods, while in services there was some pressure in education, which is usual at the beginning of each year,” BX+ said.
According to INEGI, the non-core price index , which includes goods and services whose prices are subject to fluctuations, rose 0.32 percent on a bi-weekly basis. Within this index, fruit and vegetable prices increased by 2.10 percent , while energy prices and government-regulated tariffs decreased by 0.01 percent.
The products with the largest price increases in the first half of February 2026, which contributed to overall inflation, were tomatillos (green tomato) at 17.84%, lemons at 17.03%, potatoes and other tubers at 13.16%, tomatoes at 7.90%, and university fees at 0.72%.
Conversely, the products with the greatest decrease in their cost during the cycle were zucchini with 8.93%, chayote with 7.49%, onion with 4.59%, other fresh chilies with 3.96%, pork with 0.57%, chicken with 0.55%, and LP domestic gas with a decrease of 0.54 percent.
Meanwhile, Veracruz, Nayarit, and Puebla were the states that registered the largest increases in the National Consumer Price Index (INPC) during the period. Oaxaca, Baja California Sur, and Baja California were the states that showed a variation below the national average during the same period.
“The year-on-year change accelerated for the third consecutive reading and was the highest in five observations. This was explained by the partial reversal from atypically low levels in the non-core index, where a rebound was observed in fruits and vegetables,” BX+ emphasized.
According to the analysis by Grupo Financiero Ve por Más, the inflationary outlook is still complex, as the economy will face less slack and wage pressures.
In that environment, he considered that the monetary stance of the Bank of Mexico (Banxico) is in neutral territory, “so we believe that the central bank has a very narrow margin of maneuver.”
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