Inflation in Mexico continues unabated. In the first half of March 2026, the National Consumer Price Index (INPC) , which measures the average change in prices of products that make up a basket of goods and services, stood at 4.63% year-on-year , representing an increase of 0.62% compared to the previous two weeks, the National Institute of Statistics and Geography (Inegi) announced on Tuesday .
“The inflationary outlook has recently deteriorated due to the escalation of geopolitical conflicts and the resulting increase in international energy prices, coupled with a reluctance to lower core inflation,” the Financial Group Ve por Más (BX+) noted in an analysis.
According to INEGI, the core inflation index —which excludes goods and services with the most volatile prices—rose 0.22% biweekly. Within this index, goods prices increased 0.20% and services prices 0.25% .
“The underlying index remains stubbornly high, despite moderating slightly. It has now been above 4% for 10 consecutive months,” BX+ noted.
The non-core price index —which includes goods and services whose prices are subject to fluctuations—rose 1.96% biweekly. Within this index, fruit and vegetable prices increased 8.34%, while energy and regulated tariff prices rose 0.48% biweekly .
Products that impacted the CPI
Tomatoes (32.17%), air transport (21.86%), zucchini (16.78%), lemons (13.11 %), tomatillos (10.79%), potatoes and other tubers (7.77%), chicken ( 3.18%), and electricity (2.17%) were the products that showed the greatest price increases during the reference period.
Conversely, the products with the greatest decrease in their cost during the cycle were nopales with 5.49%; internet, telephone and pay television packages with a decrease of 3.47%, other fruits with a decrease of 1.66%, eggs with 1.33% and pork with a decrease of 0.57% on a biweekly basis.
The states with variations above the national average were the State of Mexico, Puebla, and Tlaxcala . Meanwhile, the states that reported the smallest increases in the first half of March were Baja California Sur, Chihuahua, and Campeche .
According to the Ve por Más Financial Group, the year-on-year variation reached a 10-fortnight high due to pressures in agricultural products and an increase in energy products.
“The year-on-year change accelerated for the fifth consecutive reading, the highest in 10 observations. In addition, it had two fortnights above 4%,” he emphasized.
Inflation during the period remains above the target set by the Bank of Mexico (Banxico) , which is 3% by the end of 2026.
Comment and follow us on LinkedIn: @GrupoT21
