EconomyInflation remains at 8.76% in the first half of...

Inflation remains at 8.76% in the first half of September

Inflation in Mexico slowed down in the first half of September, reaching 8.76% at the annual rate, the Inegi reported this Thursday. However, the INPC exceeded the 8.71% expected by the market.

Core inflation, which excludes the prices of the most volatile products, ended the first half of the month at 8.27% and non-core inflation at 10.22%, detailed the National Institute of Statistics and Geography in a statement.

The decrease in the non-core index, which went from 10.70% to 10.22%, caused inflation to decrease during the first half of September, explained Gabriela Siller, director of financial economic analysis at Banco Base.

Within the core index, food, beverages and tobacco increased 13.27% at the annual rate, merchandise 10.75% and non-food merchandise 7.94%.

Regarding non-core inflation, livestock products increased 15.71%, agricultural products 15.23% and fruits and vegetables 14.68%.

“Banco de México (Banxico) is expected to at least follow in the footsteps of the Fed, raising the interest rate by 75 basis points, but an increase of 100 basis points would reflect greater forcefulness and would help limit the growth of inflationary expectations to long term,” said Siller of Banco Base.

At a fortnightly rate, the consumer price index grew 0.41% compared to the second half of August; the core index grew 0.44% and the non-core index had an increase of 0.86%.

The products that presented the greatest Fortnightly variation were air transport (7.53%), tomato (5.57%), preschool (5.05%) and onion (4.38%).

By state entity, Durango, Nayarit, Veracruz, Guerrero and Hidalgo registered the greatest variation in the first fifteen days of the month.

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