Friday, February 3, 2023

Mexicans experienced the highest cost of living in January since 2001; Inflation rate 7.94%

According to the most recent information released by the National Institute of Statistics and Geography (National Institute of Statistics and Geography), Mexicans suffered the biggest slope in January in more than 20 years.will take,

in the first half of January, national consumer price index (INPC) gained 0.46% over the last fortnight of 2022.

With this, the annual inflation stood at 7.94%, the highest price rise for the first half of January since 2001, when the increase was 8.37 per cent.

Similarly, it was expected to accelerate from the level reported in the second fortnight of December, when consumer prices rose by 7.86 per cent.

Like every year, analysts were expecting a pick-up in inflation, with price adjustments for various issues such as increase in the minimum wage; However, the data released by Inegi was higher than the 7.87% rate expected by the market.

built-in rally

Within the Inegi report it was observed that underlying inflation – which removes the most volatile goods and services from its calculations – slowed after three fortnights and continues to be the biggest drag on inflation.

In the first fortnight of the year, the underlying inflation stood at 8.45% per annum.

Within this item, goods became 11.02% more expensive, with annual rates of 14.09% for food, beverages, and tobacco, as well as 7.57% for non-food goods.

Inflation in the services sector stood at 5.47 per cent.

For its part, non-core inflation stood at 6.44 per cent. Under this head, agricultural products registered a growth of 9.99%, while energy and government authorized rates increased by 3.59%.

ana.martinez@eleconomista.mx

Nation World News Desk
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