The National Institute of Statistics and Geography (Inegi) reported that the National Consumer Price Index (INPC) in Mexico showed a growth of 0.01% compared to July of this year, so the annual general inflation stood at 4.99% in August 2024 .
According to Inegi, the core price index , which focuses on non-volatile products excluding food and energy, increased by 4% in annual terms. In contrast, the non-core price index , which includes food and energy, showed an increase of 8.03% during the last year.
Within the core index, merchandise prices rose by 0.18% and services prices by 0.27% on a monthly basis. In the non-core index, agricultural products fell by 2.08% on a monthly basis, while energy and government-authorized tariffs rose by 0.48% in the same reference period.
For its part, Grupo Financiero BX+ also offered its analysis, pointing out that consumer inflation during August 2024 grew 4.99% at an annual rate, slightly below its projection of 5.07% and the consensus of 5.06 percent.
He highlighted that year-on-year inflation slowed for the first time in six months, due to the partial reversal in agricultural products, and explained that the underlying index fell in the margin and remained at its lowest level since February 2021 , due to the moderation in non-food goods and educational services.
He explained that the monthly variation of the general and underlying index was the lowest for the same period since 2019, and highlighted the decline in prices of agricultural products , as well as in services related to tourism.
In his analysis, he stressed the implications of these data for monetary policies, indicating that a further slowdown in inflation “may be favoured by low economic growth, but limited or interrupted by the strong exchange rate depreciation and the latency of other important risks.”
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