Macro Analysis /
Global

Mexico: Another upward inflation surprise, with the core at highs since mid-2009

  • Inflation in October stood at 0.84% m/m, with core prices up 0.49%. Both were above consensus expectations

  • Annual inflation reached 6.24% from 6.00% in September. The core advanced to 5.19% from 4.92%, a new high since May 2009

  • We expect Banxico to hike by 25bps on Thursday, to 5.00%. Nevertheless, we see a relevant risk of a 50pbs increase

Alejandro Padilla Santana
Alejandro Padilla Santana

Executive Director of Economic Research and Financial Markets Strategy

Contributors
Manuel Jimenez Zaldivar
Francisco Jose Flores Serrano
Juan Carlos Alderete Macal
Banorte
9 November 2021
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