EconomyInflation in Mexico would have reached its highest level...

Inflation in Mexico would have reached its highest level since December 2000

Mexico's inflation may have accelerated again in July, a Reuters poll showed on Monday, confirming prospects that the central bank will continue to tighten monetary policy for the rest of the year.

The median of 14 estimates yielded a rate of 8.13% year-on-year for the National Consumer Price Index, a level not seen since December 2000.

Banco de México, which has a permanent inflation target of 3% +/- one percentage point, has raised the benchmark rate by 375 basis points in its last nine monetary policy meetings, to its current level of 7.75%.

Its next decision is scheduled for Thursday and the market anticipates a further increase of 75 basis points. The rate would close 2022 at 9.5%, according to forecasts.

For core inflation, considered a better parameter to measure the trajectory of prices because it eliminates high volatility products, the survey anticipates a rate of 7.60%, also the highest since December 2000.

Only in July, prices would have increased by 0.72%, while for the core index the median of the projections was 0.58%.

The National Institute of Statistics will disclose on Tuesday the behavior of the consumer price index during the seventh month of the year.

At the year-on-year rate, as reported by the National Institute of Statistics and Geography (Inegi), its highest level since January 2021.

With information from Reuters.

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