Mexico: September CPI – A downward surprise, but the trend remains challenging
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Headline inflation stood at 0.62% m/m, with the core at 0.67%. Overall, pressures were lower during the 2nd half
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As such, annual headline inflation was unchanged at 8.70%, but with the core still climbing to 8.28% (previous: 8.05%)
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We reiterate our call of a 75bps hike in November and a 2022 year-end rate at 10.50%
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