The rise in the price of some agricultural products such as tomatoes and onions influenced the increase in the general annual inflation, which stood at 3.45% in September 2026 , which implied a monthly increase of 0.42% in the National Consumer Price Index (INPC), reported the National Institute of Statistics and Geography (Inegi) .
“The year-on-year change accelerated for the second consecutive reading, due to the reversal in the non-core index,” Grupo Financiero Ve por Más (BX+) said in an analysis.
According to Inegi, the core price index —which does not take into account the most volatile goods and services— increased 0.20% on a monthly basis , with a rise in the prices of goods of 0.14% and an increase of 0.26% in those of services.
“The underlying rate moderated slightly, although its variations are still relatively high despite a context of fragile economic dynamism,” BX+ explained.
Meanwhile, the non-core price index —which includes goods and services whose prices are subject to fluctuations— rose 1.20 percent . Within this index, fruit and vegetable prices increased by 4.40 percent, and energy and regulated tariffs rose 0.41 percent month-on-month, reflecting upward pressure on various frequently consumed products and services in Mexico.
“Non-core inflation would extend its upswing, as the prices of various raw materials (not just energy) and logistics costs continue to show significant volatility in response to geopolitical conflicts; in addition, the prices of agricultural products would be affected by the ‘El Niño’ phenomenon,” explained Ve por Más.
The increase in inflation last September is mainly explained by a rebound in the price of agricultural products such as tomatoes with a rise of 30.25%, onions with 23%, air transport with 6.59%, other fruits with 6.13%, primary education with 6%, LP domestic gas with 3.14% and chicken with a monthly increase of 1.78%.
In contrast, the products with the greatest decrease in their cost during the cycle were professional services with a drop of 16.44%, potatoes and other tubers with 13.92%, avocados with 8.11%, oranges with 5.65% and tequila with a decrease in its cost of 2.62% at a monthly rate.
Among the states with the largest monthly increases in the National Consumer Price Index (INPC) were Tlaxcala, Colima, and Puebla . Meanwhile, Baja California Sur, Quintana Roo, and Coahuila were among the states with variations below the national average.
The overall result is still within the variability range of the Bank of Mexico’s (Banxico) inflation target for 2026, which is 3% +/- one percentage point .
According to Ve por Más’s analysis, the inflationary outlook is still challenging , so it predicted an acceleration “somewhat more between now and the end of 2026, although it would manage to stay below 4%.”
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