Financial News: Mexico Inflation Eases To 4.99%

Mexico Inflation Eases To 4.99%

09/09/2024 - 08:48:00 (RTTNews)

(RTTNews) - Mexico's consumer price inflation slowed somewhat in August from a 14-month high in July, data from the National Institute of Statistics and Geography, or INEGI, showed on Monday.

The consumer price index climbed 4.99 percent year-on-year in August, following a 5.57 percent rise in July. Moreover, inflation showed its first sign of easing in six months.

Nonetheless, the inflation rate was above the central bank's upper target range of 4.0 percent.

Data showed that core inflation also moderated slightly in August and stood at 4.0 percent versus 4.05 percent a month ago.

The annual price growth in food and non-alcoholic beverages eased to 5.98 percent from 7.77 percent in July. Housing and utility costs grew 5.14 percent, though slower than the 5.72 percent gain in the prior month.

On a monthly basis, consumer prices broadly unchanged in August, after a 1.05 percent increase in the prior month. Core consumer prices moved up 0.22 percent.

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