Inflation in Mexico reached 8.62% in the first half of August, the highest figure in 24 years

The increase in prices of products and services continues to be unstoppable in Mexico. This Wednesday, the National Institute of Statistics and Geography (Inegi) announced that during the first fifteen days of August, the National Consumer Price Index increased 0.42% compared to the previous fortnight, so inflation reached 8.62%.

According to Inegi, this is the highest rate for that period since 1998, when it reported an increase of 0.52%.

Within the report, the National Institute of Statistics and Geography detailed that the underlying price index -from which goods and services whose prices are more volatile are eliminated- grew 0.49% at a fortnightly rate, while on an annual basis it reached 7.97%.

In the same period, the non-core price index rose 0.22% fortnightly and 10.59% at an annual rate.

Within the underlying index, at a fortnightly rate, the prices of merchandise increased by 0.72% and those of services, by 0.22 percent.

Meanwhile, Inegi pointed out, within the non-core index, at a fortnightly rate, the prices of agricultural products grew by 0.45% and those of energy and tariffs authorized by the government, by 0.03%.

The price increase in the first half of August was above the consensus of the analysts consulted by Citibanamex, who estimated an increase of 8.51% at the annual rate.

Inegi explained that within the National Consumer Price Index, food products continue to be those that have had the greatest impact on prices.

Of them, the onion is the food that increased the most, having a fortnightly variation of 37.66%, followed by the potato and other tubers (2.36%), the corn tortilla ( 1.56%), other cooked foods (1.41%) as well as products in lunch shops, inns, torterías and taquerías (0.73%)

Among the services that most increased their prices are high school (1.97%), University (1.19%), as well as own housing (0.13%).

According to Gabriela Siller, director of Economic Analysis of Grupo Financiero Base, highlighted that food merchandise reached annual inflation of 12.73% in the first half of August, which represents a new maximum since the second half of December 1999.

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