Annual general inflation in Mexico stood at 3.12% in July 2026 , resulting from the fall in the prices of some agricultural products, according to the National Consumer Price Index (INPC), published by the National Institute of Statistics and Geography (Inegi) .
“The variable slowed for the fourth consecutive reading and reached its lowest point since 2020,” stated Grupo Financiero Ve por Más (BX+) . Furthermore, the July figure is the lowest for a similar period since 2016.
According to Inegi, the core price index , which excludes goods and services with high volatility, grew 0.23% on a monthly basis, with an increase in the prices of goods of 0.19% and an increase in the costs of services of 0.26 percent.
“The core inflation rate has moderated since February, but remains close to 4 percent. Goods inflation has eased as the effect of January’s fiscal adjustments has diminished, in addition to reflecting the pass-through of currency appreciation and lower food input prices. Services inflation still shows rates somewhat higher than the year-end figures for 2025 and well above the historical average,” explained (BX+) in its analysis.
For its part, INEGI reported that the non-core price index (goods and services whose prices are subject to fluctuations) fell 0.67% month-on-month. Within this index, fruit and vegetable prices dropped 3.11%, while energy and regulated tariff prices decreased by 0.01%.
The products and services that registered a decrease in their prices were tomatoes with 29.20%, followed by poblano peppers with 15.63%, serrano peppers with 6.98%, eggs with 1.08%, LP gas with 1% and automobiles with a drop of 0.54% on a monthly basis.
In contrast, the cost of onions increased by 18.97%, as did oranges (up 11.90%), computers (up 6.10%), and air travel (up 4.11%). Restaurants and housing also saw price increases.
According to Grupo Financiero Ve por Más, “even considering the recent favorable readings, we judge that the inflationary outlook is still challenging,” and therefore it expects that inflation will begin to rebound next month .
With the July result, inflation is within the target of the Bank of Mexico (Banxico) , which is 3% with a range of one percentage point above or below.
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