Mexico Inflation June 2022

Mexico

Mexico: Inflation comes in at highest level since January 2001 in June

July 7, 2022

Consumer prices rose 0.84% from the previous month in June, following the 0.18% rise recorded in May. The result was driven by rising price pressures for food, beverages and tobacco, housing, transport and clothing.

Inflation came in at 8.0% in June, up from May’s 7.7% and further above the Central Bank’s 2.0%–4.0% target range. June's figure marked the highest inflation rate since January 2001. Meanwhile, the trend pointed up slightly, with annual average inflation coming in at 7.0% in June (May: 6.8%). Lastly, core inflation ticked up to 7.5% in June, from the previous month's 7.3%. The anti-inflation package announced by the government in early May has so far had a minimal impact on inflation, with the June inflation figures meaning that further aggressive monetary tightening is likely at Banxico’s August meeting.

Panelists surveyed by FocusEconomics see inflation ending 2022 at 6.7%, which is up 0.2 percentage points from last month’s forecast. For 2023, the panel sees year-end inflation at 4.4%.


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Mexico Inflation June 2022

Note: Month-on-month and year-on-year changes of consumer price index (CPI) in %.
Source: Mexico National Statistics Institute (INEGI) and FocusEconomics calculations.


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