Financial News: Mexico Inflation Rises To 5.57%, Highest In 14

Mexico Inflation Rises To 5.57%, Highest In 14 Months

08/08/2024 - 08:50:00 (RTTNews)

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

The consumer price index climbed 5.57 percent year-on-year in July, faster than the 4.98 percent rise in June.

The latest inflation rate was the highest since May 2023, when prices had risen 5.84 percent.

Meanwhile, core inflation eased further to 4.05 percent in July from 4.13 percent, while the monthly rate rose somewhat to 0.32 percent from 0.22 percent.

Prices for food and non-alcoholic beverages alone grew by 7.77 percent in June, faster than the 6.54 percent gain a month ago.

Costs for housing and utilities increased 5.72 percent from last year versus a 4.52 percent rise a month ago.

On a monthly basis, consumer prices increased by 1.05 percent in July, after a 0.38 percent gain in the prior month. Economists had forecast a 1.02 percent increase.

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