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Mexico Inflation February 2024

Mexico: Inflation recedes in February

Inflation came in at 4.4% in February, which was down from January’s 4.9% and in line with market expectations. The moderation was largely due to softer increases in prices for food, beverages and tobacco, and education and recreation. That said, inflation remained above the Central Bank’s 2.0%–4.0% target range.

Annual average inflation fell to 5.0% in February (January: 5.3%). Meanwhile, core inflation edged down to 4.6% in February, from the previous month’s 4.8%.

Finally, consumer prices rose 0.09% over the previous month in February, moderating from the 0.89% increase recorded in January. February’s result marked the weakest reading since May 2023.

Strong government spending and wage growth will likely keep inflation slightly above the Central Bank’s target range this year. Despite this, our panelists still see substantial monetary easing this year, and February’s drop in inflation could support a rate cut as soon as the Bank’s next meeting on 21 March.

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