In the first half of January 2026, the  National Consumer Price Index (INPC) , which measures the variation in prices of a basket of goods and services, stood at  3.77% annually , which meant an increase of 0.31% compared to the previous half-month.

According to information from the  National Institute of Statistics and Geography (Inegi)  published this Thursday, this increase was driven by a rise in the cost of products such as lemons and cigarettes .

The core inflation index , which excludes goods and services with more volatile prices or those that do not respond to market conditions, rose 0.43% on a bi-weekly basis . Within this index, goods prices increased 0.69% and services prices 0.19%.

Meanwhile, the  non-core price index  —which includes goods and services whose prices are subject to fluctuations, such as weather conditions— fell 0.12% during the period . Within this index, agricultural product prices fell 0.20%, and energy and regulated tariff prices declined 0.06%.

Among the products that registered increases in the period are lemons with 15.21%, cigarettes with 12.22%, soft drinks with 3.97%, tomatoes with 3.45% and electricity with 0.99 percent.

Conversely, air travel saw a 27.30% decrease, due to the end of the year-end holidays and the return to school and work after the Christmas season. Other products that reported price decreases included serrano peppers (10.56%), tourist services (7.52%), eggs (3.95%), and LP gas (1.83%).

Meanwhile, Yucatán, Campeche, and Quintana Roo were the states with the largest increases in the CPI during the cycle; while Durango, Baja California Sur, and Querétaro showed a variation below the national average.

Overall inflation in Mexico accelerated in the first two weeks of 2026 after reaching 3.66% in the last two weeks of 2025. According to analysts, this increase was expected due to the rise in prices of some products, resulting from the post-holiday financial strain.

Among its forecasts for 2026, the Mexican Institute of Finance Executives (IMEF) projected inflation at 3.95 percent. The organization warned that the Mexican economy “faces a scenario of insufficient growth, persistent inflation, and weak investment.”

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El cargo January is tough! Inflation spikes in the first half of 2026 apareció primero en T21.