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Financial News: Mexico Inflation Rises To 4.88%, Highest In 7

Mexico Inflation Rises To 4.88%, Highest In 7 Months

02/08/2024 - 07:47:00 (RTTNews)

(RTTNews) - Mexico's consumer price inflation increased further in January to the highest level in seven months, in line with expectations, data from the National Institute of Statistics and Geography, or INEGI, showed on Thursday.

The consumer price index climbed 4.88 percent year-on-year in January, following a 4.66 percent rise in December.

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

Data showed that core inflation also moderated to 4.76 percent in January from 5.09 percent a month ago. The expected rate was 4.72 percent.

Prices for food and non-alcoholic beverages alone grew 7.28 percent in January, compared to a 6.07 percent gain in December.

Health costs were 5.71 percent higher compared to last year, and transportation costs moved up 3.46 percent.

On a monthly basis, consumer prices increased by 0.89 percent in January, after a 0.71 percent rise in the prior month. Economists had forecast a 0.88 percent rise. Core inflation eased somewhat to 0.40 percent from 0.44 percent.

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