Inflation Drops in Mexico

Agricultural products, especially fruits and vegetables, provided some relief to prices, resulting in an annual general inflation rate of 5.17 percent in the first 15 days of August, the lowest rate since the first half of June, according to the National Institute of Statistics and Geography (Inegi).

During this period, inflation in agricultural products declined from 14.33 percent in the last 15 days of July to 10.95 percent; while for fruits and vegetables, the rate dropped from 25.69 percent to 15.89 percent. This allowed non-core inflation to rise to 8.80 percent, down from the 10.09 percent rate observed in the last half of July, pausing its upward trend.

However, in the first half of August, consumers had to pay more for products such as lime, which saw an 8.37 percent price increase; followed by zucchini at 7.38 percent; eggs at 1.75 percent; and prepared foods at small eateries and food stalls, which increased by 0.22 percent.

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NATIONAL CONSUMER PRICE INDEX UPDATED

Inegi reported that starting this period, the National Consumer Price Index (INPC) will be measured according to a basket based on the new spending patterns of Mexican households from the 2022 Seasonal National Household Income and Expenditure Survey. This basket has been reduced to 292 items from 299, with 259 products remaining unchanged; 20 items were merged into nine categories due to a lower spending significance, such as combining “other seafood” with shrimp, and audio and video players into a single category.

Additionally, 20 products were downgraded to 24 categories by accounting individually for energy drinks, streaming services, infant formula and baby food, bananas, and cilantro, epazote, and parsley.

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