Mexico: Inflation eases from seven-month high in March
Consumer prices slipped 0.05% from the previous month in March, following the 0.42% month-on-month increase logged in February. According to the Statistical Institute (INEGI), March’s reading largely reflected lower energy prices more than offsetting higher prices for food and non-alcoholic beverages.
Inflation dropped to 3.2% in March from 3.7% in February which had marked a seven-month high, thus landing slightly above the midpoint of Banxico’s target range of 2.0%–4.0%. Meanwhile, annual average inflation held steady at 3.5% for the third month in a row in March.
Core consumer prices, which exclude volatile food and energy prices, rose 0.29% over the previous month in March, down from February’s 0.36% increase. As for core inflation, it remained stable at 3.7%.