Mexico Inflation Eases To 4.79%, Lowest In 28 Months

(RTTNews) - Mexico's consumer price inflation slowed further in July to the lowest level in almost two-and-a-half years, data from the National Institute of Statistics and Geography, or INEGI, showed on Wednesday.

The consumer price index climbed 4.79 percent year-on-year in July, following a 5.06 percent rise in June. That was in line with economists' expectations.

Further, this was the slowest inflation rate since March 2021, when prices had risen 4.67 percent.

Nonetheless, the inflation rate is still above the central bank's upper target range of 4.0 percent.

Data showed that core inflation also moderated to 6.64 percent in July from 6.89 percent a month ago. The expected rate was 6.68 percent.

Prices for food and non-alcoholic beverages alone grew 9.79 percent in July, compared to a 12.09 percent surge last year.

Costs for goods climbed 7.82 percent annually in July, and costs for services were 5.24 percent higher.

On a monthly basis, consumer prices moved up 0.48 percent in July, after a 0.10 percent increase in the prior month. Economists had forecast a 0.49 percent rise.