Mexico Inflation

Mexico

Mexico: Inflation remains unchanged at record low in June

July 9, 2015

Consumer prices in Mexico increased 0.17% in June over the previous month. The reading contrasted the 0.50% drop registered in May and was virtually in line with the 0.20% rise the markets had expected. The National Statistics Institute (INEGI) pointed out that the monthly increase mainly reflected higher core consumer prices for both products and services.

In June, headline inflation was unchanged at May’s record-low 2.9%, which remained below the Central Bank’s target of 3% Inflation fell below the target in May for first time since November 2005.

Core consumer prices—which exclude volatile categories such as fresh food and energy—added 0.21% in June over the previous month, which came in above the 0.12% increase tallied in May. Annual core in May inflation remained stable at May’s 2.3%.

In May, the Central Bank (Banxico) stated that it expects inflation to end 2015 below 3.0%, amid a slack in domestic demand. For 2016, the Central Bank sees inflation converging to 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 June 2015

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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