The National Consumer Price Index (INPC) accelerated and registered an annual variation of 7.88 percent in the first half of June, pressured by the increase in the prices of potatoes and other tubers, chicken, electricity, packaged soft drinks and oranges.

According to the National Institute of Statistics and Geography (Inegi), the INPC recorded its highest level since the first fortnight of January 2001, when it stood at 8.37 percent.

In addition, it presented its second consecutive fortnight with increases. The figure given after the second half of May will be located at 7.72 percent.

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Thus, inflation has been 31 consecutive fortnights above the target range set by the Bank of Mexico (3 percent, +/- one percentage point).

The INPC result was above market expectations, which estimated 7.75 percent at an annual rate, according to Citibanamex.

The underlying price index, which is the one that excludes products with high price volatility from its accounting, accelerated and stood at 7.47 percent at an annual rate, its highest variation since the second half of December 2000, when it rose to 7.73 percent.

Inside, the prices of services were located at 4.77 percent, while the rise in the prices of merchandise was 9.85 percent.

Meanwhile, the non-core balance, which accounts for products with high price volatility, such as agricultural products or fuels, stood at 9.13 percent at an annual rate, its highest level since the first half of April.

In a disaggregated manner, the prices of agricultural products presented a variation of 14.31 percent, while that of those of energy and tariffs authorized by the Government stood at 5.15 percent, this compared to the same period last year.

On the other hand, the Price Index of the Minimum Consumption Basket increased 0.56 percent fortnightly and 8.44 percent at an annual rate.

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In its comparison with the immediately previous fortnight, the INPC presented a deflation of 0.49 percent, its highest variation since the second half of March this year.

Among the generic products whose price variations stood out for their impact on general inflation were potatoes and other tubers (16.79 percent); chicken (2.28 percent); electricity (2.59 percent); packaged soft drinks (1.13 percent) and oranges (13.13 percent).

On the contrary, the products that presented a decrease in their prices were domestic LP gas (1.52 percent); lemon (9.53 percent); serrano chili (10.36 percent); onion (4.71 percent) and grapes (12.66 percent).

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Original note