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Financial News: Mexico Inflation Eases To 7.62%, Lowest In 11

Mexico Inflation Eases To 7.62%, Lowest In 11 Months

03/09/2023 - 08:28:00 (RTTNews)

(RTTNews) - Mexico's consumer price inflation slowed more-than-expected in February to the lowest level in almost a year, data from the National Institute of Statistics and Geography, or INEGI, showed on Thursday.

Consumer prices climbed 7.62 percent year-on-year in February, following a 7.91 percent rise in February. Economists had forecast inflation to ease to 7.68 percent.

Further, this was the slowest inflation rate since March 2022, when prices had grown 7.45 percent.

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

Data showed that core inflation also moderated to 8.29 percent in February from 8.45 percent a month ago. The expected rate was 8.35 percent.

Prices for food and non-alcoholic beverages alone grew 12.29 percent annually in February, slower than the 12.77 percent spike in January. Costs for miscellaneous goods and services registered an increase of 10.00 percent.

On a monthly basis, consumer prices moved up 0.56 percent in February, after a 0.68 percent increase in the prior month. Economists had forecast a 0.61 percent rise.

Core consumer prices increased 0.61 percent in February versus a 0.71 percent gain in January. Prices were expected to rise by 0.66 percent.

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