EconomyLAST MINUTE: Inflation reaches 8.7% in August; the tortilla,...

LAST MINUTE: Inflation reaches 8.7% in August; the tortilla, the bread and the onion go up

A week before the national holidays, it was announced that inflation continues to accelerate, punishing the pockets of Mexicans, with increases in basic products such as tortillas , sweet bread , onions and, in general, food merchandise . But also with rises in housing and education .

In August , inflation increased 0.70% compared to its level in July, to stand at 8.7% at an annual rate , the National Institute of Statistics and Geography reported on Thursday.

The National Consumer Price Index slightly exceeded market expectations. A Reuters poll previously noted that the median of 16 estimates put an annual headline inflation rate of 8.67%.

Core inflation continued to increase in August, now at a monthly rate of 0.80% and an annual rate of 8.05%. With 21 consecutive months on the rise . This component is considered a better parameter to estimate the trajectory of inflation in the medium and long term, since it excludes the most volatile prices in the economy.

Within core inflation, the prices of merchandise increased 1.14% and those of services 0.39% .

And, once again, the item called Food, Beverages and Tobacco had one of the largest increases , with a monthly rate of 1.43% and an annual rate of 12.94% . And, if only food and non-alcoholic beverages are considered, prices in August were 14.22% higher than a year earlier.

Although it is also worth noting a monthly increase of 1.12% in tuition prices, which reached an annual increase of 3.68%, in the midst of a more generalized return to face-to-face classes. Housing prices, meanwhile, rose 0.28%.}

Restaurant and hotel prices are 10.91% higher than in August 2021.

And the tacos? The prices of tortillas and onions grow even more

Non-core inflation , on the other hand, increased 0.39% at the monthly rate and 10.65% in its annual comparison. And within this index, agricultural products rose 0.98% per month and energy products and tariffs authorized by the government fell 0.11%.

In August, the price of onion presented one of the largest increases, with a monthly variation of 54.41% . This product was followed by prices in lunch shops, inns, torterías and taquerías , with a monthly increase of 1.20% .

Corn tortillas also increased 2.41% compared to July prices and potatoes did so by 6.38%. While sweet bread rose almost in the same proportion, at a monthly rate of 2.24%.

In contrast, the price of avocado fell 16.07% , that of chicken 3.16% , domestic LP gas fell 1.83% , at a monthly rate.

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