Inflation in Mexico accelerated again in March 2026, driven by the rise in agricultural products and services such as air transport , after the increase shown last February, when it stood at 4.02% at an annual rate, the National Institute of Statistics and Geography (Inegi) announced .

According to the agency, in the third month of the year, the National Consumer Price Index (INPC), which measures the variation in prices of a basket of goods and services, registered an increase of 0.86% compared to the previous month. With this result, the overall annual inflation rate was 4.59% .

“The increase in some agricultural products and the effects of the conflict in the Middle East on energy led to inflation reaching its highest level since October 2024,” the  Financial Group Ve por Más (BX+) indicated  in an analysis.

According to Inegi, the  core price index  – which does not take into account the most volatile goods and services – increased 0.38% monthly , with a rise in the prices of goods of 0.29% and an increase of 0.48% in the prices of services.

“The underlying inflation rate declined slightly, but has remained above 4% for 11 consecutive months despite the fragility of economic activity. Goods prices fell, likely as the effect of January’s fiscal adjustments diminishes and given the currency appreciation of previous months. Conversely, services prices rebounded and are showing variations greater than their historical average despite a fragile economic context,” BX+ explained.

The  non-core price index  —which includes goods and services whose prices are subject to fluctuations— rose 2.46% month-on-month . Within this index, fruit and vegetable prices increased 10.75%, and energy and regulated tariffs rose 0.85% month-on-month, reflecting price pressures on various frequently consumed products and services in Mexico.

The increase in inflation in March is mainly explained by a rebound in the price of agricultural products such as cucumber with a rise of 42.71%, tomato  with 42.01%, air  transport with an increase of 26.28%,  lemon with 18.26%,  green tomato  with 16.46%, potato and other tubers with 14.92% and chicken with 2.82% monthly.

Conversely, the products with the greatest decrease in their cost during the cycle were nopales with a drop of 8.86%, papaya with 4.40%, internet, telephone and pay television packages with 3.59%, eggs with 2.69%, beans with 1.34% and pork with a decrease in its price of 1.28% on a monthly basis.

Among the states with the largest monthly increases in the National Consumer Price Index (INPC) were Guerrero, Puebla, and Tlaxcala . Meanwhile, Chihuahua, Baja California Sur, and Yucatán were among the states with variations below the national average.

According to Ve por Más’s analysis, the annual variation of the INPC “accelerated for the third consecutive month, adding two readings above 4% (upper limit of the Bank of Mexico ‘s tolerance range ) and reached highs since October 2024″ .

“The pressure came from the non-core index, given the marked reversal in agricultural products and –as a result of the conflict in Iran– the greater dynamism in energy,” he explained.

The financial institution considered that “the inflationary outlook has deteriorated ,” and therefore raised its year-end inflation forecast from 3.9% to 4.1%.

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El cargo Inflation spirals out of control in March; rising prices of agricultural products take their toll apareció primero en T21.

Inflation in Mexico accelerated again last February, driven by the rise in agricultural products, after the increase shown last January, when it stood at 3.79% at an annual rate, according to data published this Monday by the National Institute of Statistics and Geography (Inegi) .

According to the National Consumer Price Index (INPC), which measures the variation in prices of a basket of goods and services, in the second month of the year this indicator stood at 4.02% in its annual measurement .

The core price index – which does not take into account the most volatile goods and services – increased 0.46% monthly and 4.50% annually, with a rise in the prices of goods of 0.39% and an increase in the prices of services of 0.52% on a monthly basis.

The non-core price index —which includes goods and services whose prices are subject to fluctuations—rose 0.64% month-on-month and 2.44% year-on-year. Within this index, fruit and vegetable prices increased 4.94%, while energy and regulated tariffs rose 0.02% month-on-month.

Products that impacted inflation

In February of this year, the products that showed the greatest price increases were lemons with a rise of 25.97%, tomatoes with 22.51%, potatoes and other tubers with 20.86%, green tomatoes with 18.89%, and bananas with 10.79%.

Conversely, the products with the greatest decrease in their cost during the cycle were onions with 8.40%, serrano peppers with 6.76%, zucchini with 4.70%, eggs with 2.63%, LP domestic gas with 1.84%, and chicken with 1.29 percent.

Inflation did not affect the entire country uniformly. The states with variations above the national average were Veracruz,  Tlaxcala, and Puebla . Conversely, the states that reported the smallest increases were Tamaulipas, Oaxaca, and Baja California .

According to an analysis by  Grupo Financiero Ve por Más (BX+) , the inflationary outlook has recently deteriorated due to the escalation of geopolitical conflicts and the consequent increase in international energy prices, coupled with the reluctance to lower underlying inflation.

Month-over-month growth was the highest for a February since 2023. Notable increases were seen in the prices of fruits and vegetables (tomatoes, potatoes, tomatillos, lemons). As is typical in the first months of the year, the prices of educational services (university) also increased, he noted.

“The inflationary outlook is more complex, given the reduced slack in the economy, wage pressures, and now, higher international prices for energy products,” BX+ emphasized.

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El cargo Inflation is “choking” Mexicans’ wallets; it accelerates in February apareció primero en T21.