food price increase

The annual price increases for fuels, government-authorized tariffs and basic basket products stand out

The Inflation rate soared in the first half of Julywhen it reached 5.61% at an annual rate, its highest level in 14 monthsin particular due to rising food prices, the National Institute of Statistics and Geography (INEGI) reported on Wednesday.

The percentage exceeded market expectations and is the first time in 2024 that inflation exceeds 5%, This is higher than the 4.98% of all of June and represents sustained growth since the 4.4% of February.

For the first half of JulyInegi recorded an increase of 0.71% in the Consumer Price Index (CPI) compared to the previous 15 days.

In it same period of 2023 The biweekly inflation was 0.29% and the annual inflation was 4.79%.

In the first half of July 2024, the #inflation The annual general index stood at 5.61%. The National Consumer Price Index #INPC increased 0.71% at a biweekly rate.

By component, annual inflation was as follows:
🔹 4.02%, Underlying
🔹 10.64%, Non-underlying

📄 Check… pic.twitter.com/bPDRHEGHjm

— INEGI INFORMS (@INEGI_INFORMA) July 24, 2024

Inflation in Mexico: underlying price index

He underlying price index, considered a best parameter to measure scarcity general because it eliminates items with high volatility in their prices, increased 0.18% biweekly and 4.02% annually, he detailed.

On the other hand, the game of non-underlying grew 2.32% at a biweekly rate and 10.64% year-on-year.

Inside of the subgroup of underlyingsmerchandise increased 0.02% in the fortnight and 3.08% in the year, while services advanced 0.37% fortnightly and 5.17% annually.

In non-underlying, agricultural prices skyrocketed 3.49% compared to the previous period and 14.33% compared to the same period last year.

Increases in energy prices and basic consumption basket

For their part, the energy and government-authorized rates increased 1.21% in the fortnight and 7.3% in the year.

The price index of the basic consumption basketmade up of 176 products and services, rose 0.82% biweekly and 5.52% at annual rate.

Los consumer prices Inflation closed in 2023 with a rise of 4.66%, above market expectations, but below the 7.82% of 2022 and the 7.36% of 2021, both years with the highest level in the last two decades. In 2020, inflation closed at 3.15%.

The data for the first half of July is above the 3% annual target of the Bank of Mexico, which on August 8 will announce a new monetary policy after maintaining the interest rate at 11% on June 27 in the face of rising inflation.

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