Mexico Reports Rise in Inflation

Colima and Veracruz Lead with the Highest Increase; Baja California Sur Records the Lowest Inflation Rate

The National Institute of Statistics and Geography (INEGI) reported that the National Consumer Price Index (INPC) increased by 0.55% in October compared to the previous month.

With this increase, the overall annual inflation rate reached 4.76%. In comparison, the monthly inflation in the same month of 2023 was 0.38%, resulting in a yearly rate of 4.26%.

The organization “Mexico, How Are We Doing?” reports that in October 2024, annual inflation continues to exceed the target range of 3% +/- 1% set by the Bank of Mexico.

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Inflation trends across the country showed significant variation in October 2024. The states with the highest annual inflation rates included Colima and Veracruz at 5.6%, followed closely by Puebla and Tlaxcala at 5.5%, and Baja California at 5.4%. On the other hand, Baja California Sur reported the lowest inflation rate at 3.6%, with Chihuahua and Tabasco both at 3.8%, Coahuila at 3.9%, and Durango at 4.2%.

The report highlights a significant increase in the Mexican diet’s prices of several staple foods. For instance, tomatoes experienced an annual rise of 23.82% and a 15.6% increase in the last month. Onions saw a yearly increase of 16.82% and a 7.2% rise in the previous month. Additionally, serrano peppers had an annual price increase of 2.55% and a monthly increase of 10.3%.

The report highlighted that electricity significantly impacted the overall inflation rate, contributing 0.205 percentage points to the monthly inflation rate of 0.55%. This was due to a monthly variation of 18.07% in electricity costs. The increase was attributed to the expiration of the summer seasonal electricity rate subsidy in 18 cities across the country included in the INPC.