Mexico: November CPI – Strong downward surprise, both at the core and non-core

  • Headline inflation grew 0.58% m/m, with the core at 0.45%, mostly explained by the positive effects of El Buen Fin

  • As such, annual headline inflation fell to 7.80% from 8.41%, but the core climbed to 8.51% (previous: 8.42%)

  • Given this result, we reiterate our call of a 50bps hike on December 15th, taking the rate to 10.50% by year-end

December 8th, 2022
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