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Mexico Inflation October 2023

Mexico: Inflation falls to lowest level since February 2021 in October

Inflation came in at 4.3% in October, down from September’s 4.5% and broadly in line with market expectations. October’s figure marked the weakest inflation rate since February 2021, but was still slightly above the Central Bank’s 2.0%–4.0% target range. The softer rise was largely driven by slower growth in prices for food, beverages and tobacco. Moreover, prices for education and recreation grew at a more subdued pace.

Accordingly, the trend pointed down, with annual average inflation coming in at 6.1% in October (September: 6.4%). Meanwhile, core inflation fell to 5.5% in October, from the previous month’s 5.8%.

Finally, consumer prices increased 0.38% from the previous month in October, moderating from the 0.44% rise seen in September. October’s result marked the softest rise in prices since June.

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