The good news is that inflation in Mexico has paused its rise in the first half of September .
The bad news is that this slowdown will be insufficient to stop the increase in credit prices and that the rise in prices is still far from the central bank’s objective.
A survey by the Reuters agency indicates that the median of the projections of 17 participants showed an annual rate of 8.71% for the National Consumer Price Index (INPC), a lower figure than the 8.77% of the second half of August, when it reached its highest level since the end of 2000.
“The dynamics would continue to be mostly unfavorable, with additional pressures on goods -particularly food-, although with a moderation in energy, which we hope will have positive effects on price formation in the coming months”, detailed Grupo Financiero Banorte in a report.
The Bank of Mexico (Banxico), which has an inflation target of 3% +/- one percentage point, has increased the benchmark rate by 450 basis points in its last 10 monetary policy meetings to its current level of 8.5%. .
His next decision is scheduled for next week.
As for the underlying component, seen as a better parameter to measure the trajectory of prices because it eliminates high volatility products, estimates indicate that it would stand at 8.28% at an annual rate.
Only in the first 15 days of September, consumer prices would have grown 0.37% compared to the immediately previous fortnight, while an increase of 0.44% is expected for the underlying index, according to the survey.
The National Statistics Institute will release the price index for the first half of September on Thursday.
