Mexico's year-on-year inflation slowed in April for the third consecutive month, fueling expectations that the current cycle of monetary tightening by the Bank of Mexico (Banxico) had come to an end.

The general consumer price index stood at 6.25% year-on-year, its lowest level since October 2021, according to figures released Tuesday by the National Institute of Statistics and Geography (Inegi).

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Core inflation, considered a better parameter to measure the trajectory of prices, also fell to 7.67%, its lowest level since July 2022.

In late March, the central bank raised the key rate by 25 basis points to a new high of 11.25%, moderating the pace of its bullish cycle, warning that its next decision scheduled for May 18 would depend on the outlook. inflationary.

A survey released on Friday by Citibanamex showed that the majority of the market expects Banxico, as the monetary authority is also known, to keep the interest rate unchanged in its announcement next week, before beginning to lower it.

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Banco de México has raised the funding rate by 725 basis points since mid-2021 after inflation began to accelerate. In April alone, prices declined 0.02% from the previous month, while the core index returned a rate of 0.39%.

By heading, the highest year-on-year increases occurred again among food and non-alcoholic beverages (12.1%, eight tenths less than in March), merchandise (9.54%, almost six tenths below) and other services (7.10%, six tenths less than in the previous month).

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Original note