Mexico: 1H-Oct CPI – Non-core prices behind another decline in the annual rate

  • Headline inflation rose 0.44% 2w/2w, surprising lower. The core rose 0.42%, still pressured by food and services

  • Hence, annual headline inflation was lower for a 3rd consecutive fortnight at 8.53%, but with the core higher to 8.39%

  • We stay cautious about the peak in annual inflation and reiterate our call of +75bps in Banxico’s next decision

October 24th, 2022
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