The National
Institute of Statistics and Geography (Instituto Nacional de Estadística y
Geografía, INEGI) reported on Tuesday that Mexico’s consumer price index (CPI) increased
0.71 per cent m-o-m in December 2023 after a 0.64 per cent m-o-m rise in the
previous month. That marked the seventh straight monthly advance in CPI, the
pace of which was also the strongest since July 2022 (+0.74 per cent m-o-m).
On a y-o-y
basis, CPI climbed 4.66 per cent in December, quickening from 4.32 per cent
in November.
That represented the steepest annual increase since July (+4.79
per cent).
Economists
had predicted gains of 0.61 per cent m-o-m and 4.55 per cent y-o-y for December.
Meanwhile, the
core annual inflation eased to 5.09 per cent in December from 5.30 per cent
y-o-y in the previous month. That was the lowest rate since September 2021 (+4.92
per cent). Economists had forecast the indicator to fall to 5.15 per cent
y-o-y.
On m-o-m basis,
the core inflation rose 0.44 per cent in December, following a 0.26 per cent
advance in November, below economists’ forecast for a 0.50 per cent uptick.