Mexico: Consumer confidence gains ground in October
November 5, 2012
In October, the confidence index elaborated by the statistical institute (INEGI) rose to 94.9 points from 94.0 points in September. The pick-up in sentiment followed two consecutive monthly declines that brought the index down to its lowest level in six months. Owing to October's rebound, consumer sentiment is now 4.8% higher than in the same month last year, which represents an improvement over the paltry 1.8% increase witnessed in September. The improvement was broad-based, as all five sub-components that form the index improved in annual terms. In particular, the current situation sub-index expanded 9.6%, which was well above the 3.9% rise recorded in September. A month-on-month comparison of seasonally adjusted data corroborates the improvement suggested by the unadjusted figures, as consumer sentiment increased 2.9% over the preceding month, which contrasted the revised 1.4% contraction seen in September (previously reported: -1.5% mom).