Mexico: Consumer confidence falls for a second month in a row
October 4, 2012
The consumer confidence index elaborated by the statistical institute (INEGI) dropped from 97.6 points in August to 94.0 points in September. The subdued reading, which represents the second consecutive decline, undershot market expectations that had the index inching down to 96.3 points and saw the index falling to its lowest level in 6 months. Building on the monthly drop, consumer sentiment is now only 1.8% higher than in the same month last year, down from the 4.5% increase seen in August. All sub-components of the index deteriorated compare to the preceding month in annual terms. In particular, the willingness to make major purchases dropped 4.9% year-on-year, which represents a further deterioration compared to the 1.9% fall seen in August. A month-on-month comparison also points to weakening confidence, as consumer sentiment dropped 1.5% in seasonally adjusted terms, following a 0.9% contraction in August (previously reported: -0.8% month-on-month).