Mexico: Consumer sentiment moderates in August
September 4, 2012
The consumer confidence index elaborated by the statistical institute (INEGI) dropped from 98.9 points in July to 97.6 points in August. The reading surprised the market on the downside, as analysts had expected the index to inch down to 98.5 points. Despite the monthly setback, consumer sentiment was 4.5% higher than in the same month last year, which represents an improvement over the 3.5% increase seen in July. All sub-components of the index improved over the preceding month in annual terms, with the exception of the willingness to make major purchases, which swung from a 1.5% increase in July to a 1.9% fall in August. A month-on-month comparison also suggests a deterioration in confidence, as consumer sentiment dropped 0.8% in seasonally adjusted terms, following a 0.8% increase in July (previously reported: +1.2% month-on-month).