Mexico: October CPI – Below expectations again on energy and agricultural goods

  • Headline inflation rose 0.57% m/m, help by the non-core at 0.38%, but with the core still pressured at 0.63%

  • As such, annual headline inflation moderated to 8.41% from 8.70%. However, the core increased to 8.42% from 8.28%

  • We restate our call of +75bps by Banxico tomorrow, with the reference rate closing the year at 10.50%

November 9th, 2022
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