Mexicans will have to wait longer to see and feel inflation stabilize dramatically.
The price increase for the first 15 days of October will be 8.6% at an annual rate, a level similar to that of the same period last month, which reinforces expectations that the Bank of Mexico (Banxico) will continue to make credit more expensive.
A survey by the Reuters agency indicates that the median of the projections of 15 participants showed an annual rate of 8.62% for the National Consumer Price Index (INPC), practically the same as the rise of 8.64% in the second half of September.
Banxico, which has a permanent inflation target of 3% +/- one percentage point, has increased the benchmark rate by 525 basis points (bp) in its last 11 monetary policy meetings to its current level of 9.25%.
His next decision is scheduled for November 10 and analysts anticipate a new increase of 75 basis points, according to a survey released by the financial group Citibanamex. For the end of the year, the projection is of a rate level of 10.50%.
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 have advanced by 8.31% at an annual rate.
Only in the first 15 days of October, consumer prices would have grown by 0.52% compared to the immediately previous fortnight, while an increase of 0.36% is expected for the core index, according to the survey.
The National Statistics Institute will release the price index for the first half of October on Monday.
With information from Reuters
