Inflation in Mexico continues to slow. In May 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 representative of household consumption in the country, stood at 3.94% year-on-year , according to information from the National Institute of Statistics and Geography (Inegi) .
According to the agency, the core inflation index , which excludes goods and services with high volatility or whose prices do not respond to market conditions, increased 0.22% month-on-month . Within this index, goods prices rose 0.16% and services prices increased 0.29%.
The non-core price index —which includes goods and services whose prices are subject to fluctuations— fell 1.65% month-on-month . Within this index, fruit and vegetable prices dropped 3.18%, and energy and government-regulated prices decreased 1.67%. This was a result of seasonal reductions in electricity rates in 11 cities across the country.
Although inflation receded slightly during the period, the price of some products continues to put pressure on Mexicans’ wallets, such as potatoes and other tubers, which increased in cost by 12.68%, LP domestic gas by 2.04%, chicken by 1.52%, and corn tortillas with a monthly increase of 0.81%.
Conversely, cucumber was the product that decreased the most with a drop of 31.50%, followed by green tomato with a drop of 28.73%, electricity with 17.88%, lemon with 18.51%, natural domestic gas with a decrease of 7.88% and egg with 4.92% monthly.
The states with a CPI variation above the national average were Hidalgo, Yucatán, and Jalisco. Meanwhile, Sinaloa, Sonora, and Baja California Sur were the states that reported the smallest increases in May 2026.
According to an analysis by Grupo Financiero Ve por Más (BX+) , the inflationary outlook is complex. Energy commodity prices remain high due to the conflicts in the Middle East, and their ultimate effects on inflation are still uncertain.
“This adds to the high levels of underlying inflation, despite a context of low economic dynamism,” he stressed, and indicated that on an annual basis, overall inflation was just below 4% for the first time in four observations .
“The inflationary outlook remains challenging. Energy commodity prices continue to be affected by geopolitical conflicts. This, coupled with a local context of wage pressures and expectations that economic activity will eventually show less weakness going forward,” the analysis stated.
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