Mexico: May inflation – Further signals of fewer pressures in both components

  • Headline inflation fell 0.22% m/m, benefited by the seasonality in electricity. The core rose 0.32%, lower at the margin

  • As such, annual inflation dropped to 5.84% from 6.25%, below 6% for the first time since August 2021

  • With these results, we still believe that the reference rate will stay at 11.25% for the rest of the year

June 8th, 2023
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