The National
Institute of Statistics and Geography (Instituto Nacional de Estadística y
Geografía, INEGI) reported on Monday that Mexico’s consumer price index (CPI) increased
0.44 per cent m-o-m in November after a 0.55 per cent m-o-m gain in the
previous month. This was the strongest monthly advance in three months.
On a y-o-y
basis, CPI jumped 4.55 per cent in November, decelerating from 4.76 per cent in October. This
represented the weakest annual increase since March (+4.42
per cent).
Economists
had predicted gains of 0.48 per cent m-o-m and 4.59 per cent y-o-y for November.
Meanwhile, the
core inflation increased 0.05 per cent m-o-m in November, following a 0.28 per
cent m-o-m advance in October, below economists’ forecast for a 0.11 per cent m-o-m
rise. This was the weakest monthly increase in core CPI since a decline in
November 2020 (-0.08).
Compared to
November 2023, the core annual inflation slowed to 3.58 per cent from 3.80 per
cent in the previous month. This marked the lowest rate since April 2020 (+3.50
per cent). Economists had expected the indicator to decelerate to 3.60 per cent
y-o-y.