Mexico: Consumer confidence inches up in April
May 6, 2013
In April, the unadjusted index of consumer confidence published by the statistical institute (INEGI) inched up to 95.7 points from 95.4 points in March. The reading came just in line with market expectations. However, despite the modest improvement, consumer confidence is 1.5% lower than in the same month last year, which contrasts the 2.1% rise observed in March.
All five categories that compose the index fared worse compared the previous month. In particular, consumer's assessment of the possibility of making major purchases dropped 7.3% over the same month last year, which came in below the 3.7% drop seen in March.
A month-on-month comparison, however, does not corroborate the deterioration suggested by the annual figures, as consumer sentiment rose a seasonally adjusted 1.4%, which contrasted the revised 0.9% drop seen in the previous month (previously reported: -1.6% month-on-month).
LatinFocus Consensus Forecast panellists expect private consumption to grow 3.6% this year, which is unchanged from last month's projections. For next year, the panel sees private consumption expanding 4.0%.