Monthly inflation accelerated to 0.62% after a 0.19% rise in August, the national statistics institute reported Thursday
Bloomberg
Annual inflation in Mexico accelerated by September to a point where it doubled its target, fueling pressure on the central bank to further tighten monetary policy.
Consumer prices rose by 6% compared to the previous year, more than the 5.59% observed in August and in line with the forecasts of the economists surveyed by Bloomberg. Monthly inflation accelerated to 0.62% after a 0.19% rise in August, the national institute of statistics.
Annual core inflation, which excludes volatile items such as fuel, reached 4.92% compared to 4.78% in August.
Mexico’s central bank, known as Banxico, raised its benchmark interest rate in September by a quarter of a point for the third consecutive meeting, taking it to 4 , 75%. Deputy Governor Irene Espinosa said in an interview with Bloomberg Television earlier this month that she does not see an immediate need for a 50 basis point increase, but that the bank remains dependent on the data.
Banxico has an inflation target of 3%, plus or minus 1 percentage point.
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