The Mexican general inflation rate reached 4.67% per year in the first half of August, its lowest level since March 2021, the National Institute of Statistics and Geography (Inegi) reported this Thursday.

The data, slightly above market expectations, implies 14 consecutive fortnights of decline after the 4.9% index for all of July and after starting the year with 7.91% in January.

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On the other hand, the statistics institute reported an increase of 0.32% in the Consumer Price Index (CPI) compared to the previous 15 days. In the same period of 2022, a year ago, biweekly inflation was 0.42% and annual inflation was 8.62%.

The underlying price index, considered a better parameter to measure general shortages because it eliminates items with high volatility in their prices, increased by 0.19% fortnightly and 6.21% annually, detailed the Inegi in its report.

While the non-core item grew 0.72% at a fortnightly rate and 0.13% year-on-year. Within the underlying subgroup, merchandise increased 0.16% in the fortnight and 7.06% in the year.

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Services advanced 0.23% fortnightly and 5.19% annually. In the non-core, agricultural prices grew by 0.62% compared to the immediate previous period and 3.98% compared to the same period last year. Energy and tariffs authorized by the Government rose 0.80% in the fortnight, but fell 3.13% in the year.

The June data is still above the 3% annual goal of the Bank of Mexico, which maintains the interest rate at a record of 11.25%.

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Original note