1H-July CPI – The downward trend continues, but some risks are materializing

  • Headline CPI rose 0.29% 2w/2w with energy prices still to the downside (0.3%), but with agricultural items higher

  • Hence, annual headline inflation stood at 4.79% from 4.93%, with the core also moderating to 6.76% from 6.86%

  • Our call for Banxico remains unchanged, with the monetary pause extending through the remainder of the year

July 24th, 2023
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