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Mexico Inflation January 2023

Mexico: Inflation comes in at highest level in three months in January

Inflation came in at 7.9% in January, which was up from December’s 7.8%. January’s reading marked the highest inflation rate since October 2022 and was well above the upper bound of Banxico’s target range of 2.0–4.0%. Looking at the details of the release, transportation prices rose at a quicker pace in January compared to the previous month, while price pressures for housing also picked up pace.

Consequently, annual average inflation rose to 8.0% in January (December: 7.9%). Meanwhile, core inflation rose to 8.5% in January, from December’s 8.3%.

Finally, consumer prices increased 0.68% in January over the previous month, accelerating from December’s 0.38% increase. January’s result marked the highest reading since August 2022.

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