The National Institute of Geography and Statistics (Inegi), shared the figures of the National Consumer Price Index (INPC)which increased to 8.70% at annual ratea level similar to that registered in August and being the worst level for 22 years.
The increase in prices in the country, had in September its highest level recorded since 2000which maintains the expectation that the Bank of Mexico pYou can keep raising the interest rate in order to deal with inflation.
“In September 2022, the National Consumer Price Index (INPC) registered a variation of 0.62% compared to the previous month. With this result, annual headline inflation stood at 8.70 percent. In the same month of 2021, monthly inflation was 0.62% and annual inflation was 6.00 percent,” added Inegi.
In the underlying price index there was a 0.67 percent monthly increase and a 8.28 percent per yearl. While the non-core price index increased by 0.47 percent at a monthly rate and a 9.96% at annual ratel.
“Inside the underlying index, at a monthly rate, the prices of merchandise rose 0.94% and those of services, 0.35 percent. Inside of the non-underlying indexe, at a monthly rate, the prices of products agricultural increased 1.51% and those of energy and tariffs authorized by the government fell 0.42 percent”, added the Institute.
In September 2022, the variation of the core and non-core indices was 0.67 and 0.47%, respectively. In the same month of 2021, it was 0.46 and 1.10 percent.
The tomato, onion and green tomato are the products that registered the highest incidence with a monthly variation of 11.63%, 11.37% and 12.67%respectively, while the avocado recorded a lower incidence, reporting a monthly variation of -16.35 percent, according to the Inegi.
By states, those that registered a highest monthly variation were:
- Durango 1.15%
- Nayarit 1.08%
- Veracruz 0.94%
- Aguascalientes 0.79%
- Michoacan 0.76%
While, the entities that registered a lower monthly variation were:
- Chihuahua 0.38%
- Guanajuato 0.42%
- Tlaxcala 0.43%
- State of Mexico 0.44%
- Morelos 0.47%
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It was last week when the Bank of Mexico (Banxico)increased 75 basis points, raising his interest rate at 9.25%delaying its estimated date of convergence to the official inflation target of 3% plus/minus one percentage point.
The government announced on Monday an agreement with several companies, including chicken producer Bachoco, corn flour and tortilla maker Gruma, and retailer Wal-Mart de México, to try to contain rising prices.under the PACIC program.
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