Mexico: 1H-May CPI – Above expectations, we adjust our year-end forecast to 5.5%

  • Inflation fell 0.01% 2w/2w, above market expectations. Pressures in food items (core and non-core) were elevated

  • As a result, annual inflation declined to 5.80% from 6.08%, with the base effect becoming less challenging

  • We now expect year-end inflation at 5.5% y/y (previous: 4.7%), with supply and demand factors driving performance

May 24th, 2021
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