Headline inflation rose 0.59% m/m in July, with the core at 0.48%. In the latter, processed foods remain pressured
Annual headline inflation fell to 5.81% from 5.88%. However, and more worrisome, the core climbed to 4.66% from 4.58%
Considering this, we maintain our call that Banxico will hike the reference rate by 25bps to 4.50% on Thursday
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