According to Reuters, Mexico’s annual inflation rate in February rose to its fastest since June on a surge in food costs while core inflation showed only modest pressure from a deep slump in the peso, data showed on Wednesday March 9th.
Inflation in the 12 months through February rose 2.87 percent, the national statistics agency said. That compared with a forecast of 2.94 percent in a Reuters poll and 2.61 percent rise in January.
Before beginning to rise in January, Mexico’s annual inflation rate posted record lows every month since last May, the longest period ever in which price gains stayed below the central bank’s 3 percent target.
However, policymakers in Latin America’s No. 2 economy raised interest rates in December following a move by the U.S. Federal Reserve and surprised the market with another hike last month in a bid to support the battered peso.
Consumer prices rose 0.44 percent in February compared with the prior month, below estimates of a 0.50 percent increase, driven mostly by higher egg and onion costs.
The core index, which strips out some volatile food and energy prices, rose 0.36 percent from January compared with 0.35 percent seen in the poll.
The 12-month core inflation rate rose 2.66 percent compared to a forecast 2.67 percent and a 2.64 percent rate in January, reflecting only modest pressure from higher import prices due to a weakening peso.
After the central bank on Feb. 17 raised interest rates and began intervening in the foreign exchange market, the peso has recovered some ground from an all-time low, but the currency is still down more 3 percent this year against the dollar.
(Reporting by Michael O’Boyle Editing by W Simon for Reuters)
more recommended stories
Las Coloradas receives its first tourists at the beginning of the economic reactivation in Yucatan
MÉRIDA, Yucatán.- The economic reactivation in Yucatán continues.
Man arrested in Kinchil, Yucatan as he threatened store owner with a knife
Kinchil, Yucatan (September 16).- Carlos Q.P.,.
PRD political party says AMLO seeks a political lynching
The PRD parliamentary group in the.
Two humungous glaciers are breaking free from their restraints in Antarctica
Two of Antarctica’s most important glaciers.
Why California Will Continue to Burn Well Beyond This Fire Season
A thunderstorm 1,100 miles south of.
Isla Mujeres leads the Mexican Caribbean in hotel occupancy
The north of Quintana Roo has.
INAH identifies the first Maya slave shipwreck in Mexico
Sisal, Yucatan (September 15, 2020).- Two.
Early arrival of cold fronts to Yucatan this year
The “Cold Front” season begins in.
European airlines resuming flights to Cancun in October
After the announcement that the Swiss.
They became the first brother and sister team to row across the Atlantic
Anna and Cameron McLean spent 43.