Mexico Inflation


Mexico: Inflation ends 2014 above the Central Bank target

January 9, 2015

In December 2014, consumer prices rose 0.49% over the previous month. The reading came in below both the 0.81% increase observed in November and the 0.51% rise the market had expected. INEGI stated that the monthly increase reflected higher prices for agricultural products, while prices for services, particularly for education, were subdued over the previous month.

Annual inflation inched down from 4.2% in November to 4.1% in December (December 2013: 4.0% year-on-year). Inflation ended 2014 above the Central Bank’s 1.0 percentage point ceiling of its 3.0% target.

Core consumer prices—exclude volatile categories such as fresh food and energy prices—rose 0.23% in December over the previous month, which came in above the 0.16% increase observed in November. Annual core inflation edged down from 3.3% in November to 3.2% in December (December 2013: 2.8% yoy)

The Central Bank (Banxico) expects inflation to end 2015 at around 3.0%. LatinFocus Consensus Forecast panelists expect inflation to end 2015 at 3.5%, which is unchanged over last month’s forecast. For 2016, the panel sees year-end inflation at 3.3%.

Author:, Senior Economist

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Mexico Inflation Chart

Mexico Inflation December 2014

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

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