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Financial News: MEXICO: Inflation Hits 6.16% In May, The Highest

MEXICO: Inflation Hits 6.16% In May, The Highest Level In More Than 5 Years

06/09/2017 - 08:35:00 (RTTNews)

(RTTNews) - (Agencia CMA Latam) Mexico's National Consumer Price Index (INPC) rose 6.16% in May from a year before, the fastest annual increase since April 2009, according to the national statistics office. The country's central bank inflation target ranges from 2% to 4%.

The price rise in May was due to a higher increase in energy prices and government controlled rates, but an increase in food, beverages, and other commodity prices also boosted inflation last month.

The annual inflation excluding food and energy prices - known as core inflation - rose to 4,78% in May, from 4,72% a month before, and is above the target limit for four consecutive months.

Inflation in Mexico has consistently increased in spite of the central bank efforts to weaken the price rise. The country's benchmark interest rate has been growing since September, and in nine months jumped from 4.25% to 6.75%.

Mexican peso faced depreciation compared to the US dollar since 2014, with a more severe decline late last year, due to uncertainties regarding terms of trade between Mexico and the United States after Donald Trump's election. That and an increase in fuel prices boosted inflationary pressures in domestic markets.

The central bank expects both inflation and core inflation to extrapolate the target ceiling this year but move towards 3% by the end of 2018, according to the minutes of the most recent monetary policy committee meeting.

On a monthly comparison, the consumer price index in Mexico decreased by 0.12% in May, after rising 0.12% in April.

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