Inflation in Mexico continues to push upwards and has stood at 4.42% at the end of March, according to published this tuesday by the National Institute of Statistics and Geography (Inegi). The National Consumer Price Index (INPC) showed an acceleration of 0.29% compared to February 2024, and although it maintains an upward trend, it was lower than the expectations of financial analysts consulted by Citibanamexwho expected it to be at 4.50%.
The price of services, food and merchandise were the great drivers of this result. At the end of March, the cost of services accelerated 0.69% and stood at 5.37% at an annual rate, while food increased 0.30% during the last month to reach a rate of 5.01% at an annual rate. annual. “Given that inflation accelerated again in March, it is still too early to confirm a specific trend for general inflation in Mexico,” says Gabriela Siller, director of economic analysis at Grupo Base.
“In the interior, the inflation of housing services was 3.78%, being the highest annual rate since March 2009, when it registered 3.95%, the inflation of educational services registered 6.36% annually and finally, the Inflation of other services was at 6.46% annually,” adds the specialist.
For example, some of the products that showed the greatest increase were air transport, with an increase of 28.35% in March, lettuce and cabbage with an increase of 18.70%, serrano chili with an increase of 13.15%. % and packaged tourist services with an increase of 7.23%.
Core inflation, which determines the trajectory of general inflation in the medium and long term, went from 4.64 to 4.55%, marking a minimum level since May 2021, despite the acceleration in services. Meanwhile, the non-core price index, which includes products with the most volatile prices and rates administered by the Government, reported a decrease in March of 0.16% and an increase at an annual rate of 4.03%. Within this index, the prices of agricultural products observed a decrease of 0.53% in March to stand at 4.92% at an annual rate.
In addition, energy prices and tariffs authorized by the government registered an increase of 0.16% in March and 3.29% compared to the same period of the previous year.
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