Inflation in Mexico breaks four-month streak of increases

The inflation rate in Mexico fell slightly last June. standing at 4.32%, After four months of increases, the National Institute of Statistics and Geography (INEGI) reported this Wednesday, July 9.

The increase, slightly above market expectations and driven in particular by higher service costs, is lower than the 4.42% seen in May as a whole, the previous highest level in 2025, although higher than the 4.21% at the close of 2024.

The National Institute of Statistics and Geography (INEGI) reported that the consumer price index (CPI) grew 0.28% this month.

The statistical institute recalled that In the same month of 2024, monthly inflation was 0.38% and annual inflation was 4.98%.

The core price index, considered a better measure of overall price increases because it excludes highly volatile items, rose 0.39% monthly and 4.24% annually, INEGI detailed in its report.

While the non-core item fell 0.10% monthly and 4.33% year-on-year.

Within the underlying subgroup, commodities increased 0.41% on the month and 3.91% annually.

Meanwhile, services grew 0.38% monthly and 4.62% annually.

In non-core prices, agricultural prices fell 0.10% compared to the previous month and 5.04% compared to the same month last year.

And energy prices and government-authorized rates fell 0.10% for the month and 3.56% for the year.

The price index for the basic consumer basket, comprising 176 products and services, grew by 0.28% monthly and 4.62% annually.

The sectors with the greatest year-on-year increases were restaurants and hotels (7.72%), education (5.84%) and personal care items, social protection and miscellaneous goods (5.34%).

While the generic products that increased the most in the month were carrots (13.19%), air transport (7.23%), pork (1.52%) and fabric softeners and cleaners (1.49%).

Consumer prices closed out 2024 with a 4.21% increase, below market expectations and the 4.66% increase in 2023, the 7.82% increase in 2022, and the 7.36% increase in 2021, both years marking the highest levels in the past two decades.

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