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Mexico Inflation January 2024

Mexico: Inflation comes in at highest level since June 2023 in January

Inflation inched up to 4.9% in January, slightly above December’s 4.7%, in line with market expectations. January’s result represented the highest inflation rate since June 2023 and meant that inflation moved further above the Central Bank’s 2.0%–4.0% target range. The result was driven by rising price pressures for food, beverages and tobacco and housing.

Annual average inflation fell to 5.3% in January (December: 5.5%). Meanwhile, core inflation fell to 4.8% in January, from the previous month’s 5.1%.

Finally, consumer prices increased 0.89% from the previous month in January, accelerating from December’s 0.71% rise. January’s uptick was the highest reading since March 2022.

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