During the second week of February 2022, inflation stood at 7.22 percent, exceeding expectations, according to information presented by the National Institute of Statistics and Geography (Inegi) within a statement of press that he shared in his official accounts.
According to data from National Consumer Price Index (INPC)points out that inflation in the country in a 7.22%, this after they cooled slightly for four consecutive fortnights. This result compared to the projections made by the analysts with a growth of 7.17%.
The year-on-year inflation in Mexico accelerated in the first half of February above what was expected by the market, reinforcing expectations that the central bank will continue to raise its rate following key the next steps of the US Federal Reserve (Fed).
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“In the first fortnight of February 2022, the National Consumer Price Index (INPC) presented a variation of 0.42% compared to the previous fortnight. With this result, annual headline inflation stood at 7.22%. In the same fortnight of 2021, the fortnightly inflation was 0.23% and the annual one was 3.84%”, shared the Inegi.
In the case of core inflation, a better parameter is highlighted to measure its price trajectory because it eliminates high volatility products, in addition to register a variation of 6.52%being its highest level since July 2001.
“The underlying price index1 recorded a increase of 0.43% fortnightly and 6.52% annually. In the same period, the non-core price index increased 0.41% at a fortnightly rate and 9.33% at an annual rate. Within the underlying index, at a fortnightly rate, the prices of goods rose 0.56% and those of services 0.26%”, he added in the text.
Likewise, the Inegi informs that, within the non-core index, the price of the products of the agricultural sector registered a decline of 0.10%while the energetic and rates authorized by government authorities grew 0.82% at biweekly rate.
It is also pointed out that the variation of the first fortnight of the month of February of the current year between the core and non-core indices range from 0.43% to 0.41%respectively, in comparison to the same period of time in 2021, which registered 0.22% and 0.26%
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At the beginning of February 2022, the Bank of Mexico raised the interbank rate to 50 basis points of reference, this being its sixth rise in a row, indicating a greater duration and magnitude of inflationary pressures, although it maintains a permanent inflation target of 3% +/- one percentage point.
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