Mexico: July CPI – Signs of higher pressures at the non-core

  • Headline inflation rose 0.48% m/m, impacted by pressures within the non-core, particularly in fruits and vegetables

  • As such, annual headline inflation moderated to 4.79% from 5.06%. Similarly, the core declined to 6.64% from 6.89%

  • We expect Banxico to keep the rate unchanged tomorrow at 11.25%, as well as through the remainder of 2023

August 9th, 2023
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