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.