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Mexico Inflation

Mexico Inflation

Inflation in Mexico

Mexico's inflation from 2013 to 2022 was marked by variability but averaged around 4%. The country faced several economic challenges, including currency fluctuations, changes in fiscal policies, and external economic shocks. Inflation was influenced by a mix of domestic and international factors, including oil prices and trade relations. The COVID-19 pandemic temporarily increased inflation, but the Bank of Mexico's monetary policy measures helped stabilize it towards the end of 2022.

Consumer price inflation averaged 4.5% in the ten years to 2022 in Mexico, below the Latin America average of 8.4%. The 2022 average figure was 7.9%. For more inflation information, visit our dedicated page.

Mexico Inflation Chart

Note: This chart displays Inflation Rate (CPI, annual variation in %) for Mexico from 2022 to 2017.
Source: INEGI Mexico.

Mexico Inflation Data

2018 2019 2020 2021 2022
Inflation (CPI, ann. var. %, aop) 4.9 3.6 3.4 5.7 7.9
Inflation (CPI, ann. var. %, eop) 4.8 2.8 3.2 7.4 7.8

Inflation increases in April

Inflation came in at 4.7% in April, up from March’s 4.4% and moving further above the Central Bank’s 2.0%–4.0% target range. April’s reading was broadly in line with market expectations. Looking at the details of the release, prices for food and housing increased at a quicker pace in April. The trend pointed down slightly, with annual average inflation coming in at 4.7% in April (March: 4.8%). Meanwhile, core inflation fell to 4.4% in April, from the previous month's 4.6%. Lastly, consumer prices increased 0.20% in April over the previous month, coming in below the 0.29% increase seen in March.

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Mexican inflation projections for the next ten years from a panel of 44 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Mexican inflation.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Mexican inflation projections.

Want to get access to the full dataset of Mexican inflation forecasts? Send an email to info@focus-economics.com.

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