Inflation in Mexico accelerated again last November, driven by the rise in agricultural products and services such as electricity, after the decrease shown in October, when it stood at 3.57% year-on-year, according to data published this Tuesday 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 eleventh month of the year this indicator stood at 3.80% in its annual measurement .
According to the Financial Group Ve por Más (BX+) , year-on-year inflation reached a five-year high, and also represented its largest variation for the same month since 2021.
Meanwhile, the core price index – which does not take into account the most volatile goods and services – increased 0.19% monthly and 4.43% annually , with a decrease in the prices of goods of 0.03% and an increase in the prices of services of 0.39% on a monthly basis.
The underlying asset advanced for the third consecutive reading, posting its biggest expansion since March 2024 and marking seven months above 4%, explained BX+.
The non-core price index —which includes goods and services whose prices are subject to fluctuations, such as weather conditions— rose 2.28% month-on-month and 1.73% year-on-year . Within this index, fruit and vegetable prices increased 3.49%, and energy and regulated tariff prices rose 2.97% month-on-month.
In the penultimate month of the year, the products that showed the greatest price increases were serrano peppers with a 24.76% rise, electricity with 20.70%, zucchini with 17.05%, tomatoes with 14.34%, and public transportation with 4.90%.
Conversely, the products with the greatest decrease in their cost during the cycle were lemon with 7.46%, avocado with 7.28%, orange with 3.97%, potato and other tubers with 3.68% and tequila with a decrease of 2.65 percent.
Among the states with the largest increases in the National Consumer Price Index (INPC) are Sonora, Sinaloa, and Baja California Sur. Meanwhile, Durango, Quintana Roo, and Yucatán were among the states with variations below the national average.
According to BX+ analysis, although year-on-year growth in the CPI is expected to close the year below 4%, in a context of slow economic dynamism, the inflationary outlook is still complex.
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