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Financial News: MEXICO: Inflation Rises To Highest Level Since December

MEXICO: Inflation Rises To Highest Level Since December 2008

07/09/2017 - 20:11:00 (RTTNews)

(RTTNews) - The annual inflation in Mexico rose from 6.16% in May to 6.31% in June - the highest reading since December 2008. The inflation rate is more than twice the 3% target set by the central bank.

The price rise reflects a higher increase in energy prices and government controlled rates, but 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 4,83% in June, from 4,78% a month before, and remained above the 4% limit set by the Mexican central bank.

Inflation in Mexico is rising steadily in spite of central bank's efforts to weaken the price increase. The country's benchmark interest rate has been growing since September and is currently at 7%.

This week the most recent monetary policy meeting minutes showed that while most of the central bank members expect inflation to weaken until the end of this year, part of them is still worried that inflation could be higher than anticipated if a few risks materialize, especially in the event of a new cycle of Mexican peso devaluation.

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.

In the monthly comparison, the Mexican prices rose 0.25% in June, after a 0.12% fall in May. The result was in line with market expectations. The underlying index increased by 0.30% on a monthly basis.

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