Mexico Reports Rise in Inflation

Por

Angélica Simón Ugalde

Compartir

Publicado: 7/11/2024 · 2:46 p.m. MX | Actualizado: 7/11/2024 · 2:46 p.m. MX

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.

Sigue leyendo:

¿Qué pasará con la mega fábrica de Tesla en Nuevo León? Esto dijo Marcelo Ebrard

La construcción de la planta continúa a la espera de lo que pase en los Estados Unidos

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.

Angélica Simón Ugalde